Former Steinhoff CEO Markus Jooste reportedly took his own life just one day after he was fined R475 million.
The Citizen reports that Jooste died during his arrest on Thursday, the same day that the Financial Sector Conduct Authority (FSCA) announced the results of its investigation into the collapse of Steinhoff International Holdings NV.
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The results reportedly revealed that Jooste made or published false, misleading or deceptive statements about Steinhoff International Holdings Limited and Steinhoff International Holdings NV.
As per SABC News, the FSCA revealed that Jooste and Dirk Schreiber, Steinhoff’s former European finance chief, also published documents which included the omission of material facts.
As reported by Daily Maverick, the FCSA determined that Jooste and Schreiber breached the Financial Markets Act (FMA) regarding Steinhoff International Holdings Ltd and Steinhoff International Holdings NV’s annual financial statements and reports from 2014 to 2016, and the 2017 half-year report.
During this time, the Steinhoff International securities were listed on the Johannesburg Stock Exchange (the JSE) and the Frankfurt Stock Exchange (the FSE).
In a court order, the FCSA noted that he received income from other sources during this time. However, he did not disclose that income.
The FCSA had ordered Jooste to pay the administrative penalty of R475 million on or before Tuesday, 19 April 2024.
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Picture: @Am_Blujay / X