2024-03-22 14:26:00
By Le Figaro with AFP
Published 3 hours ago, Updated 3 hours ago
Blood at the scene of Markus Jooste’s suicide on a beach in Hermanus, South Africa, March 22, 2024. Esa Alexander / REUTERS
Markus Jooste shot himself to death near Cape Town, the day before a hearing on charges of accounting fraud and false transactions.
The former boss of the distribution giant Steinhoff, Markus Jooste, killed himself on Thursday near Cape Town when he was summoned the next day in one of the most serious cases of accounting fraud in South Africa, a- we learned Friday from local and police sources. The fallen businessman, 63, shot himself dead Thursday afternoon on a beach in Hermanus, a seaside resort known for whale watching, some 120 km west of Cape Town, according to police. The day before, the country’s financial markets supervisory authority (FCSA) had imposed a fine equivalent to more than 23 million euros.
Markus Jooste before a parliamentary committee in 2018. Mike Hutchings / REUTERS
Six billion dollar “hole” in the accounts
The ex-CEO was accused of using false transactions to artificially inflate the group’s profits. “The investigation revealed that Mr. Jooste published false and misleading statements on Steinhoff International Holdings »which he knew to be “untruthful”, said the FCSA on Wednesday. The financial authority had set April 19 as the deadline to pay the enormous fine imposed on the businessman who headed the group, listed on the Frankfurt and Johannesburg stock markets. The affair broke out in December 2017, when Steinhoff announced the resignation of Markus Jooste, who always denied having any knowledge of possible fraud, and the discovery of a «trou» of six billion dollars in its accounts.
The stock’s price had fallen spectacularly. Tens of thousands of claimants have sought more than eight billion dollars in damages. The scandal had put an end to the frenetic growth of this furniture company founded in Germany and which had become, in a few decades, through international acquisitions, the main rival of Ikea. Steinhoff notably bought the French brand Conforama, resold in 2020. In June, a German court issued an arrest warrant against Mr. Jooste, who did not appear at the opening of his trial.
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