Steinhoff, the former CEO of the distribution giant, committed suicide

Markus Joost, the former boss of distribution giant Steinhoff, killed himself near Cape Town on Thursday, the second day he was called in one of South Africa’s most serious accounting fraud cases, local and police sources learned on Friday. . The 63-year-old down-and-out businessman shot himself on Thursday afternoon on the beach of Hermanus, a seaside resort known for whale watching, about 120 km west of Cape Town, according to police. A day earlier, the country’s Financial Market Supervisory Authority (FCSA) imposed a fine equivalent to more than 23 million euros.

“Hermanus police launch investigation after death of 63-year-old man”., a spokesman for the South African Police (SAPS) confirmed to AFP on Thursday evening that he was a businessman. On Friday, police still had not formally identified the body, but relatives of the deceased confirmed to the local press that it was indeed Mr Jooste. Provincial police spokesman Malcom Poji confirmed to AFP that the man died of gunshot wounds after arriving at the hospital. According to local press reports, walkers called for help after spotting him injured on Quaywater Beach.

There is a six billion dollar “hole” in the accounts

The former CEO was accused of using fraudulent practices to artificially boost the group’s profits. “The investigation revealed that Mr. Jooste published false and misleading statements Steinhoff International Holdings »which he knew “untruthful”, the FCSA said on Wednesday. The financial authority set a deadline of April 19 to pay the hefty fine imposed on the businessman, who heads a group listed on the Frankfurt and Johannesburg stock markets. The affair erupted in December 2017, when Steinhoff announced the resignation of Markus Juste, who had always denied any knowledge of possible fraud, and the discovery of “hole”

He has six billion dollars in his account.

The share price fell spectacularly. Thousands of claimants have sought more than eight billion dollars in damages. The scandal put an end to the crazy growth of this furniture company founded in Germany and which in a few decades, through international acquisitions, became Ikea’s main rival. Steinhoff notably bought the resold French brand Conforma in 2020. In June, a German court issued an arrest warrant against Mr. Joost, who did not appear at the start of his trial.