South African Billionaire Markus Jooste Dies Hours After Being Fined R475 Million

South African Billionaire Markus Jooste Dies Hours After Being Fined R475 Million

In an unexpected turn of events, South African billionaire and former Steinhoff CEO, Markus Jooste, has died at the age of 63.

Also read: Tragic Suicide: Man Takes His Own Life after Receiving Death Prophecy

Cause of Death and Legal Troubles

According to sources close to Jooste, he tragically shot himself during an arrest.

Markus Jooste’s death follows a series of legal troubles, including a hefty R475 million penalty imposed by the Financial Sector Conduct Authority (FSCA). The regulatory body not only intended to levy this fine but also had plans to pursue criminal charges against Jooste.

Jooste was given until April 19 to settle the amount, but he had the option to appeal the decision at the Financial Sector Tribunal. The R475 million penalty included R10 million designated to cover the FSCA’s investigation expenses.

In addition to this penalty, Jooste had failed to pay a separate R20 million fine for insider trading, which had been imposed by the FSCA. He had taken the matter to the High Court, contesting the fine.

Also read: Botswana Kwaito Musician Mapetla Skhokho Dies

False Statements and Investor Losses

After an extensive investigation, the FSCA announced on Wednesday that it had found Jooste, along with Steinhoff’s former European finance chief, Dirk Schreiber, responsible for disseminating false, misleading, or deceptive statements about Steinhoff International Holdings Limited and Steinhoff International Holdings NV between 2014 and 2017.

These misleading statements led investors to make decisions based on false information, resulting in significant losses amounting to hundreds of billions of rands, including losses suffered by pension funds.

At the time of his death, Markus Jooste’s assets had been frozen by South Africa’s central bank.

Jooste’s resignation from Steinhoff in late 2017 triggered a near-collapse of the company, eradicating R200 billion in pension fund money and other investments, as investors became aware of the manipulation of the company’s financial statements.

Also read: Wicknell Chivayo Reveals Jaw-Dropping Current Bank Balance on Path to Becoming A Billionaire

Mzansi Speculates As Billionaire Markus Jooste Dies

In response to the news of Markus Jooste’s death, many South Africans expressed scepticism, drawing comparisons to Gavin Watson’s death. Some suggested it might be a cover-up to evade accountability for his crimes. Here are some of the comments:

@UnathiAfrika:

I’m not saying it’s a coverup, but if it looks like a coverup, walks like a coverup, smells like a coverup, it is definitely a coverup.

@zothi1606:

We need to see the crime scene

@nkulipp:

Lol we must see his body, please parade his body we need to make sure his dead dead

@MothoWaModimo7:

They pulled a Gavin Watson on us if anything

@CoastLandKing:

What a funny way to escape

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