The enigma of Markus Jooste's death

More than a year has passed since the mysterious death of former Steinhoff CEO Markus Jooste, yet crucial details surrounding the incident remain elusive. A police source has revealed that vital information regarding his death is unaccounted for.

Jooste, who was ordered to pay a R475 million fine for accounting fraud by the Financial Sector Conduct Authority (FSCA), allegedly shot himself after police notified him that an arrest warrant had been issued against him.

It was reported that he succumbed to a gunshot wound at his Cape Town residence in Hermanus. 

However, questions surrounding the circumstances of his death remain unanswered.

The source said there is still no post-mortem and morgue number in the inquest docket and there is no proof of the weapon he allegedly used. 

The Western Cape police on Tuesday said these allegations were unfounded as a post-mortem had been conducted and the post-mortem report had been filed in the docket for court purposes.

“The investigation into the death of the late Mr Jooste had been concluded and the docket was submitted to the NPA to be placed on the court role where a formal inquest will be conducted. 

"The firearm used during the incident was subjected to ballistic tests and thereafter returned to the executor as the weapon was registered in the name of the deceased. A report of the ballistic test is filed in the docket for court purposes.

The result of both reports will only be disclosed during the formal inquest hearing in court. The date is yet to be determined.”

The FCSA said Jooste had played a role in the publishing of misleading financial statements about Steinhoff International Holdings.

Fake transactions worth $6.5bn were made by Steinhoff executives in order to inflate profits, an audit by PwC found.

Close to 98% of Steinhoff's share value was wiped out in 2017 when the accounting scandal first broke.

Jooste resigned as chief executive but denied any knowledge of accounting fraud. He was also later fined for insider trading in 2020.

Last week, a social justice movement, the Progressive Civics Congress (PCC)  told IOL that the public deserves transparency and accountability over the scandal, adding that the silence from authorities raises suspicion. 

“Jooste was involved in compromising the Public Investment Corporation (PIC) funds, amounting to R200 billion belonging to the Government Employees Pension Fund (GEPF)."

"The Steinhoff scandal was a national issue, yet we have no answers about what happened to those pension funds. 

The public deserves transparency and accountability—and the silence from authorities raises suspicion.”

The organisation further criticised the silence of labor unions, which traditionally advocate for workers’ rights and oversight in such matters, saying their inaction may have contributed to the ongoing economic crisis, asserting that the loss of investment confidence and subsequent budget deficits have directly impacted ordinary citizens.

Crime expert and violence monitor, Mary de Haas, also pointed out the broader issues of accountability and the integrity of investigations. 

She told IOL that provincial police commissioners have the authority to expedite inquiries but have seemingly done little to resolve the case or uncover the truth.

“Questions about whether Jooste truly died by suicide or was murdered remain unanswered,” de Haas said. 

“The only way to find out is through the post-mortem report, but access to such crucial documents is often denied or delayed. Without it, we are left to speculate.”

De Haas also highlighted the broader pattern of disappearances and unexplained deaths linked to political and financial scandals in South Africa, raising fears that some cases might be deliberately obscured to protect powerful interests.

Cape Argus