Markus Jooste, Former Steinhoff CEO Implicated in Fraud Case, Dies at 63
Markus Jooste, the former chief executive officer of the Steinhoff retail group, which was embroiled in a massive corporate fraud scandal in South Africa, has passed away.
According to police reports, Mr. Jooste died from a gunshot wound in hospital, with local media suggesting that he took his own life at his residence in the southern town of Hermanus.
“The circumstances surrounding his death are under investigation,” stated police spokesperson Andre Traut.
Steinhoff, which included prominent European retailers such as the UK’s Poundland, saw its value plummet by close to 98% in 2017 following revelations of fraudulent activity. A subsequent audit by PricewaterhouseCoopers (PwC) uncovered fake transactions amounting to $6.5 billion, orchestrated by Steinhoff executives to artificially inflate profits.
Just a day prior to his death, Jooste was slapped with a $25 million fine, reported to be the largest in South Africa’s history. He had also been notified of an arrest warrant issued against him by the country’s financial regulator.
Despite resigning as CEO amidst the scandal, Jooste consistently denied any involvement in the accounting fraud. However, he was later fined for insider trading in 2020.
Steinhoff International Holdings, headquartered in South Africa but listed in Frankfurt, Germany, faced further legal troubles when Jooste failed to appear for trial in Germany, resulting in a warrant for his arrest being issued by a German court.
