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IOL News
7 hours ago
- Business
- IOL News
The enigma of Markus Jooste's death
There is still no vital information regarding the death of former Steinhoff CEO Markus Jooste. Image: Aemand Hough More than a year has passed since the mysterious death of former Steinhoff CEO Markus Jooste, yet crucial details surrounding the incident remain elusive. A police source has revealed that vital information regarding his death is unaccounted for. Jooste, who was ordered to pay a R475 million fine for accounting fraud by the Financial Sector Conduct Authority (FSCA), allegedly shot himself after police notified him that an arrest warrant had been issued against him. It was reported that he succumbed to a gunshot wound at his Cape Town residence in Hermanus. However, questions surrounding the circumstances of his death remain unanswered. 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 source said there is still no post-mortem and morgue number in the inquest docket and there is no proof of the weapon he allegedly used. The Western Cape police on Tuesday said these allegations were unfounded as a post-mortem had been conducted and the post-mortem report had been filed in the docket for court purposes. 'The investigation into the death of the late Mr Jooste had been concluded and the docket was submitted to the NPA to be placed on the court role where a formal inquest will be conducted. "The firearm used during the incident was subjected to ballistic tests and thereafter returned to the executor as the weapon was registered in the name of the deceased. A report of the ballistic test is filed in the docket for court purposes. The result of both reports will only be disclosed during the formal inquest hearing in court. The date is yet to be determined.' The FCSA said Jooste had played a role in the publishing of misleading financial statements about Steinhoff International Holdings. Fake transactions worth $6.5bn were made by Steinhoff executives in order to inflate profits, an audit by PwC found. Close to 98% of Steinhoff's share value was wiped out in 2017 when the accounting scandal first broke. Jooste resigned as chief executive but denied any knowledge of accounting fraud. He was also later fined for insider trading in 2020. Last week, a social justice movement, the Progressive Civics Congress (PCC) told IOL that the public deserves transparency and accountability over the scandal, adding that the silence from authorities raises suspicion. 'Jooste was involved in compromising the Public Investment Corporation (PIC) funds, amounting to R200 billion belonging to the Government Employees Pension Fund (GEPF)." "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.' The organisation further criticised the silence of labor unions, which traditionally advocate for workers' rights and oversight in such matters, saying 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. Crime expert and violence monitor, Mary de Haas, also pointed out the broader issues of accountability and the integrity of investigations. She told IOL that 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. Cape Argus
IOL News
12 hours ago
- Business
- IOL News
Markus Jooste's death remains wrapped in mystery
There is still no vital information regarding the death of former Steinhoff CEO Markus Jooste. Image: Henk Kruger/Independent Newspapers More than a year after the mysterious death of former Steinhoff CEO Markus Jooste, vital information regarding his death is unaccounted for, a police source has said. Jooste, who was ordered to pay a R475 million fine for accounting fraud by the Financial Sector Conduct Authority (FSCA), allegedly shot himself after police notified him that an arrest warrant had been issued against him. It was reported that he succumbed to a gunshot wound at his Cape Town residence in Hermanus. However, questions surrounding the circumstances of his death remain unanswered. 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 ✕ The source said there is still no post-mortem and morgue number in the inquest docket and there is no proof of the weapon he allegedly used. The Western Cape police on Tuesday said these allegations were unfounded as a post-mortem had been conducted and the post-mortem report had been filed in the docket for court purposes. 'The investigation into the death of the late Mr Jooste had been concluded and the docket was submitted to the NPA to be placed on the court role where a formal inquest will be conducted. "The firearm used during the incident was subjected to ballistic tests and thereafter returned to the executor as the weapon was registered in the name of the deceased. A report of the ballistic test is filed in the docket for court purposes. The result of both reports will only be disclosed during the formal inquest hearing in court. The date is yet to be determined.' The FCSA said Jooste had played a role in the publishing of misleading financial statements about Steinhoff International Holdings. Fake transactions worth $6.5bn were made by Steinhoff executives in order to inflate profits, an audit by PwC found. Close to 98% of Steinhoff's share value was wiped out in 2017 when the accounting scandal first broke. Jooste resigned as chief executive but denied any knowledge of accounting fraud. He was also later fined for insider trading in 2020. Last week, a social justice movement, the Progressive Civics Congress (PCC) told IOL that the public deserves transparency and accountability over the scandal, adding that the silence from authorities raises suspicion. 'Jooste was involved in compromising the Public Investment Corporation (PIC) funds, amounting to R200 billion belonging to the Government Employees Pension Fund (GEPF)." "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.' The organisation further criticised the silence of labor unions, which traditionally advocate for workers' rights and oversight in such matters, saying 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. Crime expert and violence monitor, Mary de Haas, also pointed out the broader issues of accountability and the integrity of investigations. She told IOL that 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.
IOL News
6 days ago
- Business
- IOL News
Smoke, mirrors, and a dead CEO: Who's hiding what in the Markus Jooste death mystery?
Former Steinhoff chief executive Markus Jooste. Steinhoff's Asian business has secured new funding and rebranded under the name Greenlit. Photo: Armand Hough/African News Agency (ANA) The Silence of Authorities: Investigating the Death of former Steinhof CEO Markus Jooste 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. IOL Politics
