Ex-Poundland boss dies of gunshot wound day after he was told to pay £19,000,000 fine

Ex-Steinhoff CEO Markus Jooste shot himself as police closed in on his home.

A former Poundland boss has been found dead the day after receiving a £19 million fine over one of the biggest financial scandals in South Africa’s history, local media have reported. 

Ex-Steinhoff CEO Markus Jooste is said to have died by suicide after shooting himself as the police were about to arrest him in a suburb along the coast from Cape Town, according to South African broadcasters.

His body was found in the proximity of his luxury compound on Kwaaiwater beach, in South Africa, with pictures from the scene showing rocks stained with blood spatters. 

After being handed the huge fine, the father-of-three booked a flight from Cape Town to Johannesburg on Thursday evening to hand himself over to the authorities.

He told his wife Ingrid he was going for a walk. Soon after, police arrived at his home, and he is said to have allegedly shot himself in the head as they closed in on him, according to reports.

Police confirmed a suicide took place in the area on Thursday, but did not name Jooste.

‘Our members were called out to a scene at a beach in Hermanus, where a 63-year-old man [suffered a] gunshot wound to the head,’ Lt-Col Malcolm Pojie said.

‘He was still alive at the time; he was transported to the hospital, and he succumbed a few minutes after arrival at the hospital.

‘An inquest docket was opened by Hermanus police for further investigation; no foul play is suspected at this time.’

The investigation into the circumstances surrounding his death is still ongoing, a spokesman said.

His former company, Steinhoff, is the majority owner of discount retailers Pepkor and Pepco. 

The company’s discovery of holes in its accounts in December 2017, shortly after Jooste’s resignation, was the first sign of an accounting fraud that led to the near-collapse of the retail group.

These irregularities resulted in heavy losses for the company, which has been hit by an avalanche of lawsuits since then. 

Jooste told a South African parliamentary inquiry in 2018 that he was not aware of these irregularities when he left the retailer in December 2017. He had also been under fraud investigation by South African police.

‘The investigation found that Mr Jooste… published false, misleading, or deceptive statements about Steinhoff International Holdings’ which he knew to be ‘deceptive’ the FCSA said in a statement Wednesday.

The businessman was also known in South Africa for his alleged romantic connection to socialite Berdine Odendaal, as well as being a prominent racehorse owner.

He leaves behind his wife, Ingrid, and three children.

For help, call Samaritans for free on 116 123 or visit samaritans.org 

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