BUSINESS DAY
Disgraced former Steinhoff CEO Markus Jooste has died, allegedly from suicide, according to reports.
While Western Cape police were yet to confirm his death, sources close to Jooste alleged he had shot himself on Thursday.
According to Newzroom Afrika, Jooste is alleged to have taken his own life during negotiations with police over his imminent arrest.
Jooste’s alleged suicide comes after the Financial Sector Conduct Authority (FSCA) on Wednesday hit him with a R475m administrative penalty for contraventions of the Financial Markets Act (FMA) related to his reporting on the financial position of Steinhoff International.
This follows a previous finding by the FSCA that Jooste contravened the FMA and faced a penalty of R20m in terms of the Financial Sector Act. The FSCA’s finding and penalty imposed was upheld by the Financial Services Tribunal.
“The FSCA has decided to impose an administrative penalty of R475m that includes a contribution of R10m to reimburse the FSCA for reasonable costs incurred in connection with the investigation of the contravention and interest on the amount of R475m at the rate of 11.75% calculated from the date of this order to the date of payment, both days inclusive,” the penalty order read.
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