Former Steinhoff International Chief Executive Markus Jooste Dies At 63

Thursday, March 21, 2024 | 4:40 pm

Updated: March 21, 2024 at 5:43 pm

Former chief executive of South African retail giant Steinhoff Markus Jooste gives testimony about the massive drop of value of the multinational company, in front of a parliamentary committee in the South African Parliament on September 05, 2018, in Cape Town. - Markus Jooste told lawmakers on September 5, 2018 he had no knowledge of accounting irregularities that caused the company to lose 95 percent of its market value. At the end of 2017, Steinhoff revealed it was under criminal and tax investigations, with a reported six-billion-euro ($7-billion) hole in its accounts. (Photo by RODGER BOSCH / AFP) (Photo credit should read RODGER BOSCH/AFP via Getty Images)

Former Steinhoff International Chief Executive Markus Jooste has died at the age of 63, the Financial Times reported on Thursday. Jooste, who was at one point heavily involved on the worldwide racing scene through his Mayfair Speculators, died of an apparent self-inflicted gunshot wound, the FT reported.

He was fined R475 million (£19,937,078/€23,234,382/$25,229,382) for accounting fraud–due on or before Apr. 19–by South Africa's Financial Sector Conduct Authority (FSCA) on Wednesday, Reuters reported. The regulator found that Jooste had published “false or misleading financial statements” following an investigation into the matter. Jooste was also ordered to pay R10 million to reimburse the FSCA for their expenses incurred during their investigation into Steinhoff.

Originally, Jooste resigned from his Steinoff role in December of 2017, following an investigation by the retail holding company into accounting irregularities. The company lost the majority of its value following his departure. However, in 2023 Steinhoff did start a debt restructuring plan to avoid bankruptcy, among other initiatives.