Smoke, mirrors, and a dead CEO: Who's hiding what in the Markus Jooste death mystery?
Image: Aemand Hough
It has been over a year since the mysterious death of former Steinhoff CEO Markus Jooste. Yet, questions surrounding the circumstances of his demise remain unanswered, sparking concerns about the authorities' lack of transparency.
The South African Police Service (SAPS) has maintained silence on the investigation, offering no updates or explanations about the case.
Officially, Jooste was said to have died by suicide last year, but details remain scarce.
Reports indicate that Jooste succumbed to a gunshot wound at his Cape Town residence in Hermanus, but crucial questions linger:
Were witnesses present? Was a proper investigation conducted? And what do the post-mortem reports reveal?
A day before his death, Jooste was under intense scrutiny from the Financial Sector Conduct Authority (FSCA), which had imposed a R475 million administrative fine on him for accounting irregularities linked to his former company, Steinhoff.
The fallout from the scandal had already shaken South Africa's financial sector, with allegations that Jooste's actions had jeopardised billions of rand in public funds.
The Progressive Civics Congress (PCC), a social justice organization, has expressed frustration over the lack of progress.
Deputy Secretary Sipho Shange expressed concern over 'the unresolved questions surrounding Jooste's death' and the broader implications for public accountability.
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Advertisement
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Next
Stay
Close ✕
'Jooste was involved in compromising the Public Investment Corporation (PIC) funds, amounting to R200 billion belonging to the Government Employees Pension Fund (GEPF),' Shange stated.
'The Steinhoff scandal was a national issue, yet we have no answers about what happened to those pension funds.
'The public deserves transparency and accountability—and the silence from authorities raises suspicion.'
Shange further criticized the silence of labor unions, which traditionally advocate for workers' rights and oversight in such matters.
He argued that their inaction may have contributed to the ongoing economic crisis, asserting that the loss of investment confidence and subsequent budget deficits have directly impacted ordinary citizens.
Adding to the concerns, Mary de Haas, a renowned crime expert and violence monitor, pointed out the broader issues of accountability and the integrity of investigations.
She said provincial police commissioners have the authority to expedite inquiries but have seemingly done little to resolve the case or uncover the truth.
'Questions about whether Jooste truly died by suicide or was murdered remain unanswered,' de Haas said.
'The only way to find out is through the post-mortem report, but access to such crucial documents is often denied or delayed. Without it, we are left to speculate.'
De Haas also highlighted the broader pattern of disappearances and unexplained deaths linked to political and financial scandals in South Africa, raising fears that some cases might be deliberately obscured to protect powerful interests.
As of the last official update to IOL early this year, Western Cape then acting police spokesperson Colonel Andre Traut confirmed that the case remains under investigation, with no new developments reported.
'The docket concerning Markus Jooste's death is still open, and we are awaiting further findings,' Traut stated.
Once a prominent business mogul, Jooste's career was marred by scandal, culminating in the exposure of fraudulent activities that cost the South African economy nearly R200 billion.
His death has left many questions about the stewardship of public funds and the accountability of those entrusted with South Africa's economic stability.
As the 13-month mark passes, the public, civil society, and victims of financial misconduct continue to demand answers.
However, the silence from authorities only deepens suspicion, highlighting the urgent need for transparency in uncovering the truth behind Markus Jooste's death and safeguarding public trust.
National police spokesperson Athlenda Mathe and the Western Cape police spokesperson Brigadier Novelwa Potane did not respond to IOL.
thabo.makwakwa@inl.co.za
IOL Politics
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
a day ago
- The Star
BRICS+ Series: The link Between the G20, BRICS & The Global South
Cole Jackson and Dr Iqbal Survé | Published 2 days ago The G20 (Group of 20) was established in 1999 in the wake of the 1997–1998 Asian financial crisis as an informal platform bringing together Finance Ministers and Central Bank Governors from the world's leading developed and emerging economies to address global economic and financial stability. While its early discussions centred primarily on broad macroeconomic concerns, the G20 has since broadened its scope to cover a wider range of global priorities, including trade, climate action, sustainable development, health, agriculture, energy, environmental protection, and anti-corruption efforts. BRICS was established in a similar fashion, as quoted by Cole Jackson: ' The BRICS grouping has, to a large extent, grown naturally considering the global climate during its formation and in today's context. BRICS was formed in 2009. Its formation follows the 2007/08 financial crisis, caused by a period of dramatic economic downturn in the United States (US)--due to the housing market collapse and a subprime mortgage crisis–leading to a global recession. Many countries, the world over, bore the brunt of this recession, especially those countries in the Global South already battling economic difficulties.' The G20 comprises BRICS (Brazil, Russia, India, China, South Africa, Saudi Arabia) and other countries in the Global South (Argentina & Mexico). These presidencies and officials often overlap between countries in the Global South, G20, BRICS (and its associated institutions like the New Development Bank (NDB)). This in essence, means more than a quarter of members are BRICS or Global South affiliated. However, due to the United States (US) & Canada, for example, being part of the G7 they need to collaborate and deliberate with many of these countries having BRICS/Global South agendas to fulfill. Reforming Global Governance G20: Includes both developed and emerging economies and increasingly acknowledges the need for reform in global financial institutions (like the IMF and World Bank). BRICS: Actively pushes for a multipolar world and reform of institutions to reflect the voices of emerging powers and developing nations. Global South: Wants a fairer system where their voices are heard and interests are not sidelined by traditional Western powers. Promoting Inclusive and Sustainable Development G20: Advocates for sustainable development, climate finance, and reducing inequality, especially through multilateral cooperation. BRICS: Prioritises development-led growth, infrastructure financing (e.g., through the New Development Bank), and South-South cooperation. Global South: Seeks development financing and capacity building on their terms, focusing on health, education, and infrastructure. G20: While not centered on the Global South, it increasingly includes dialogues on cooperation between developing countries. BRICS: Champions South-South cooperation as a means to share resources, technology, and strategies among developing nations. Global South: Sees South-South partnerships as more equitable alternatives to Western aid or conditional loans. Multipolarity and Economic Sovereignty G20: Includes rising powers like India, China, Brazil, and South Africa, reflecting a shift away from unipolar dominance. BRICS: Promotes a multipolar world order with diversified centers of power. Global South: Seeks to reduce dependency on the West and build regional blocs and alternative financial institutions. Climate Justice and Energy Transitions G20: Has focused on climate change mitigation and adaptation, though progress varies. BRICS: Supports climate action but emphasizes common but differentiated responsibilities. Global South: Advocates for climate finance, technology transfer, and the right to develop. The growing alignment between the G20, BRICS, and the Global South reflects a strategic shift towards a more inclusive and multipolar global order. With overlapping memberships and shared priorities—ranging from global governance reform and sustainable development to climate justice and economic sovereignty—these groupings increasingly influence one another. BRICS and the Global South have injected fresh urgency and purpose into G20 deliberations, pushing for a system that better represents emerging economies and developing nations. As this alignment deepens, it strengthens efforts to reshape international institutions, promote equitable growth, and ensure that the voices of the Global South are not only heard but also acted upon. Written By: Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Cole Jackson Lead Associate at BRICS+ Consulting Group Chinese & South American Specialist * MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
IOL News
4 days ago
- IOL News
BRICS+ Series: The link Between the G20, BRICS & The Global South
This photo taken on July 3, 2025 shows welcome banners for the BRICS Summit on a street in Rio de Janeiro, Brazil. Image: XINHUA The G20 (Group of 20) was established in 1999 in the wake of the 1997–1998 Asian financial crisis as an informal platform bringing together Finance Ministers and Central Bank Governors from the world's leading developed and emerging economies to address global economic and financial stability. While its early discussions centred primarily on broad macroeconomic concerns, the G20 has since broadened its scope to cover a wider range of global priorities, including trade, climate action, sustainable development, health, agriculture, energy, environmental protection, and anti-corruption efforts. BRICS was established in a similar fashion, as quoted by Cole Jackson: 'The BRICS grouping has, to a large extent, grown naturally considering the global climate during its formation and in today's context. BRICS was formed in 2009. Its formation follows the 2007/08 financial crisis, caused by a period of dramatic economic downturn in the United States (US)--due to the housing market collapse and a subprime mortgage crisis–leading to a global recession. Many countries, the world over, bore the brunt of this recession, especially those countries in the Global South already battling economic difficulties.' The G20 comprises BRICS (Brazil, Russia, India, China, South Africa, Saudi Arabia) and other countries in the Global South (Argentina & Mexico). These presidencies and officials often overlap between countries in the Global South, G20, BRICS (and its associated institutions like the New Development Bank (NDB)). This in essence, means more than a quarter of members are BRICS or Global South affiliated. However, due to the United States (US) & Canada, for example, being part of the G7 they need to collaborate and deliberate with many of these countries having BRICS/Global South agendas to fulfill. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The intersection: Reforming Global Governance G20: Includes both developed and emerging economies and increasingly acknowledges the need for reform in global financial institutions (like the IMF and World Bank). BRICS: Actively pushes for a multipolar world and reform of institutions to reflect the voices of emerging powers and developing nations. Global South: Wants a fairer system where their voices are heard and interests are not sidelined by traditional Western powers. Promoting Inclusive and Sustainable Development G20: Advocates for sustainable development, climate finance, and reducing inequality, especially through multilateral cooperation. BRICS: Prioritises development-led growth, infrastructure financing (e.g., through the New Development Bank), and South-South cooperation. Global South: Seeks development financing and capacity building on their terms, focusing on health, education, and infrastructure. South-South Cooperation G20: While not centered on the Global South, it increasingly includes dialogues on cooperation between developing countries. BRICS: Champions South-South cooperation as a means to share resources, technology, and strategies among developing nations. Global South: Sees South-South partnerships as more equitable alternatives to Western aid or conditional loans. Multipolarity and Economic Sovereignty G20: Includes rising powers like India, China, Brazil, and South Africa, reflecting a shift away from unipolar dominance. BRICS: Promotes a multipolar world order with diversified centers of power. Global South: Seeks to reduce dependency on the West and build regional blocs and alternative financial institutions.
IOL News
4 days ago
- IOL News
Bitcoin hits new peak touching $124 500
Bitcoin hit a new peak during early Asian trading, with the cryptocurrency briefly exceeding $124 500 (R2.2 million) before retreating. Image: AFP Bitcoin hit a new peak during early Asian trading, with the cryptocurrency briefly exceeding $124 500 (R2.2 million) before retreating, driven by favourable US legislation and a rise in US equities. "The crypto market is enjoying a period of highly favorable fundamentals," said Samer Hasn, senior market analyst at AFP reported. The world's largest cryptocurrency has now risen more than 31% since the start of the year and is up around 60% from April's market lows. The move strengthens global financial advisory giant deVere Group's projection that Bitcoin could hit $150 000 before the end of 2025. A combination of unprecedented inflows into US spot Bitcoin ETFs, balance-sheet allocations from major public companies, pro-Bitcoin policies from President Donald Trump's administration, and rising national-level profits from BTC adoption are driving the latest rally. Nigel Green, the CEO and founder of deVere Group, said: 'We're seeing multiple, powerful forces converging to push Bitcoin to new highs. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading "Institutional capital is pouring in through spot ETFs at record volumes. Public companies are treating Bitcoin as a strategic reserve asset. The White House is actively supporting the asset class. Nation states are already in profit on their Bitcoin positions. These aren't isolated developments; they're part of a deep, systemic shift in the global financial system.' Green said that while price volatility is inevitable, the structural drivers for Bitcoin remain overwhelmingly positive. 'There will be periods of profit-taking. That's natural in any fast-moving market. But the underlying factors are strong and getting stronger. 'Institutions are committing long-term capital; corporate treasuries are diversifying into Bitcoin; and national adoption is delivering measurable returns. Also, Washington is shifting from resistance to integration. This is why we are currently maintaining our $150 000 target for year-end,' he said. Meanwhile, El Salvador's government revealed that it holds unrealized Bitcoin profits of more than $468 million. The country's investment of $300.5m is now valued at over $768m, underscoring the potential for sovereign adoption to generate significant returns. BUSINESS REPORT
