South African billionaire and former Steinhoff CEO, Markus Jooste, allegedly took his own life on Thursday amid mounting fraud allegations.
The incident occurred around 2:40 pm at Kwaaiwater Beach in Hermanus, according to Western Cape police.
An inquest docket has been opened by Hermanus police.
Jooste’s reported suicide follows the Financial Sector Conduct Authority (FSCA) imposing a R475 million administrative penalty against him for breaching the Financial Markets Act (FMA) regarding Steinhoff International’s financial reporting.
This penalty, including interest and reimbursement of investigative costs, stems from Jooste’s manipulation of financial results between 2014 and 2017, which misled investors and creditors.
The FSCA described the financial reporting as false, deceptive, and misleading, resulting in an overvaluation of Steinhoff International’s performance and financial position.
Failure to comply with the penalty order within 30 days may lead to civil judgment enforcement under the Financial Sector Act.
