Former Steinhoff CEO Markus Jooste has died

Former Steinhoff CEO Markus Jooste has died, a day after the Financial Sector Conduct Authority (FSCA) slapped him with a penalty of R475 million following its investigation.

Police in the Western Cape confirmed that an inquest docket had been registered at the Hermanus police station following the death of a 63-year-old man on Thursday afternoon.

“It is alleged that the victim sustained a gunshot wound at around 3:20pmat Kwaaiwater and succumbed to death on his way to the hospital. No foul play is suspected at this stage,” Colonel Andre Trout told The Citizen.

Circumstances surrounding his death are being investigated.

On Thursday, the FSCA announced that its investigation had found Jooste made or published false, misleading, or deceptive statements about Steinhoff International Holdings Limited and Steinhoff International Holdings NV, which they knew or ought reasonably to have known were false, misleading, or deceptive.

ALSO READ: FSCA fines Markus Jooste R475 million, refers case to Hawks

Such publication included the omission of material facts, said the FSCA.

It found that Jooste contravened section 81(1)(a) and (b) of the Financial Markets Act, 19 of 2012 (the FMA).

The contraventions were regarding Steinhoff International Holdings Ltd and Steinhoff International Holdings NV’s annual financial statements and annual reports for the 2014 to 2016 financial years and for the first half of 2017.

The Steinhoff International securities were listed on the Johannesburg Stock Exchange (the JSE) and the Frankfurt Stock Exchange (the FSE) during this period.

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Section 81(1)(a) of the FMA prohibits a person from, directly or indirectly, making or publishing any false or misleading or deceptive statement.

The FMA also prohibits the promise or forecast in respect of any material fact regarding the past or future performance of a company which has listed securities on a regulated market, and which the person knows, or ought reasonably to know at the time and in light of the circumstances in which it is published, is false, misleading or deceptive.

Section 81(1)(b) of the FMA similarly prohibits such a publication if, for the reason of the omission of a material fact, the statement, promise or forecast is rendered false, misleading or deceptive.

“The FSCA imposed an administrative penalty of R475 million on Mr Jooste for contravening the aforementioned sections of the FMA.

ALSO READ: JSE bars Steinhoff’s Markus Jooste for 20 years, fines him R15m

“It includes a contribution of R10 million to reimburse the FSCA for reasonable costs incurred in connection with the investigation of the contravention, and interest at the rate of 11.75% (as prescribed by the Minister of Finance in terms of the Prescribed Rate of Interest Act, 55 of 1975).”

The penalty is payable to the FSCA on or before 19 April 2024.