Former Steinhoff CEO Markus Jooste has shot himself during his arrest.
Although the exact details are still to be disclosed, the police have confirmed that a 63-year-old man shot himself in the head in Hermanus in South Africa’s Western Cape.
Jooste had continued to live in the scenic coastal town, despite facing possible arrest.
The Financial Sector Conduct Authority had issued a fine of R475 million rand to Jooste in relation to the Steinhoff scandal in 2017, which saw about R200 Billion wiped out in market value.
The global retailer collapsed after German police raided its offices, investigating possible fraud.
Many lost their life savings within hours.
The FSCA has confirmed the allegations against him that the company had altered and lied in its financial statements.
It found that Jooste had been misleading and deceptive – and had lied to shareholders.
Jooste also sold his shares just before the company collapsed.
Steinhoff’s Dirk Schreiber was also named by the FSCA.
Last year, Schreiber was handed a three-and-a-half-year jail sentence by a German court.
The FSCA has also found Jooste and Schreiber contravened the financial markets Act in respect of financial statements and reports between 2014 and 2017.
The death of Jooste may be seen by many investors who lost their life savings as a blow to achieving justice.
The extravagant resident of Hermanus, who was a breeder of racehorses, had lived the high-life until the end – albeit quietly – outside of the public eye.
Charges were only being brought against him in South Africa – seven years after the collapse of his company.
Germany had issued a warrant for his arrest a long time ago.
South Africa’s biggest financial scandal has just taken a very unexpected turn.
