Markus Jooste, the former CEO of Steinhoff, has tragically taken his own life just a day after being fined R475 million by the Financial Sector Conduct Authority (FSCA).
Authorities have confirmed that a 63-year-old man sustained a fatal gunshot wound at Kwaaiwater and passed away on his way to the hospital.
The police have opened an inquest case docket and are investigating the incident. Despite rumours, they have not disclosed the identity of the deceased and have stated that no foul play is suspected.
FMTBLOG gathered confirmed that Jooste shot himself during an arrest, leading to his untimely death. The Financial Times reported that he died from a gunshot wound, as per individuals familiar with the situation.
Jooste played a significant role in the growth of Steinhoff. Still, he was recently found guilty of accounting fraud for falsely reporting financial statements between 2014 and 2017, leading to massive losses and the near collapse of the retail giant.
Steinhoff’s accounting irregularities were first exposed in December 2017, signalling the start of a downward spiral that caused significant financial repercussions for the company and its subsidiaries.
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