Markus Jooste, the former CEO of Steinhoff International, reportedly took his own life in Hermanus. His death occurred just before he was set to confront law enforcement, leaving many shocked.
Jooste, a South African businessman, tragically ended his life amid discussions with police regarding his imminent arrest. Allegedly, he faced the looming threat of arrest in South Africa, with an existing warrant issued in Germany for fraud.
His passing came a day after receiving a substantial fine from the financial regulator. The fine, amounting to a record R475 million ($25 million), was imposed for knowingly publishing false financial statements from 2014 to 2017.
Key Facts About Markus Jooste
- Full Name:Â Markus Johannes Jooste
- Born:Â January 22, 1961
- Died:Â March 21, 2024
- Age at Death:Â 63
- Profession:Â Former CEO of Steinhoff International
- Net Worth: As of November 18, 2015, Jooste was listed among Africa’s 50 Richest with a net worth of $400 million.
- Career Highlights: Jooste transformed Steinhoff International into “Africa’s Ikea” and the second-largest household goods retailer in Europe. He joined Steinhoff in 1988 after engineering the sale of a South African retail chain to Steinhoff’s German owners. In 2014, Steinhoff International agreed to purchase Pepkor Holdings for $5.7 billion, adding clothing to the furniture retailer’s inventory.
- Accounting Scandal: Jooste resigned as CEO of Steinhoff International in December 2017 due to accounting irregularities. The company faced a significant drop in its share price after the December 2017 revelations, and by early 2021, it faced over 90 separate lawsuits lodged by investors aggrieved by the share price drop.
- Legal Consequences: Jooste was referred to South African authorities and launched a civil case against him for his personal liability in the accounting scandal. In late 2020, German prosecutors indicted Jooste and three others on charges arising from the initial German investigation. In October 2022, the South African Reserve Bank seized Jooste’s South African assets in connection to an investigation of the accounting irregularities.
Markus Jooste Wikipedia Bio: Who Was He?
Markus Johannes Jooste, born on January 22, 1961, in Pretoria, South Africa, rose to prominence as a leading figure in South African business, notably serving as the former CEO of Steinhoff International. His career trajectory from a local businessman to the helm of Steinhoff International embodies a narrative of ambition, accomplishment, and eventual controversy. He tragically passed away on March 21, 2024, at the age of 63 in Hermanus, South Africa.
In his formative years, Jooste was influenced by his father, a postal worker with a passion for horse racing, which sparked his own interest in the sport. Graduating from Afrikaanse Hoër Seunskool in 1978, he later earned a BAcc degree from Stellenbosch University in 1982. Additionally, he completed an honours degree at the University of Cape Town while pursuing his CA(SA) articles, during which he serviced a company then owned by Christo Wiese.
Beginning his career as a chartered accountant, Jooste swiftly ascended to the position of financial director at a publicly listed company. At the age of 27, he assumed the role of financial director at GommaGomma, where he crossed paths with German entrepreneur Claas Daun, who served as his mentor in the business world.
Jooste and Daun subsequently acted as non-executive directors of Steinhoff International from 1988, with Jooste eventually ascending to the position of CEO in 2000. Under his leadership, Steinhoff International underwent significant expansion through numerous acquisitions, evolving from a small furniture manufacturer into a major conglomerate.
Markus Jooste Death Cause Revealed
Markus Jooste, the former CEO of Steinhoff International Holdings NV, reportedly died by suicide in South Africa on March 22, 2024. The incident occurred shortly after he received notification that he had to pay a R475-million administrative penalty to the Financial Sector Conduct Authority (FSCA) by April 19, 2024.
This fine was imposed for issuing false or misleading statements about Steinhoff International Holdings Limited and Steinhoff International Holdings NV, which Jooste either knew to be false or should have reasonably known were false, misleading, or deceptive, including the omission of material facts.
The day prior to his death, Jooste was instructed to surrender himself to South African police, as arrest warrants had been obtained for the main suspects implicated in the Steinhoff collapse by the National Prosecuting Authority and the Directorate for Priority Crime Investigation. This development followed a joint statement by the agencies on Friday, March 24, 2024.
The circumstances surrounding Jooste’s death were tragic. Reportedly, he shot himself just over 24 hours after being informed of the R475-million fine by the Financial Sector Conduct Authority (FSCA). The incident allegedly took place outside his residence in Hermanus, South Africa. Emergency services responded to the scene and found Jooste with a gunshot wound to the head. He was then transported to a private hospital, where he later succumbed to his injuries.
The South African Police Service (SAPS) confirmed responding to a shooting incident at approximately 2:40 pm on the day of Jooste’s death. Jooste is said to have walked out of his house, stood in front of a neighbor’s home on or near the beach, and shot himself there. Emergency services discovered him partially lying on the cliff path. It was initially unclear where Jooste obtained the weapon or to whom it belonged.
Jooste’s death occurred amidst a backdrop of legal and financial challenges, including the impending fine and the looming arrest warrants. His passing has sparked conversations about the pressures faced by individuals in high-profile positions, particularly those grappling with significant legal and financial ramifications.
