Former CEO of the scandal-plagued company Steinhoff International Holdings NV, Markus Jooste, passed away at 63 to the shock of many.

His passing occurs only one day after he was fined 475 million rand ($38 million) by South Africa’s financial authorities for producing and disseminating false, misleading, or deceptive claims about the firm.

This was on top of the 20 million rand fine the commission had already imposed for insider trading.

According to South African television Newzroom Afrika, Jooste shot himself while being arrested, citing sources. People with knowledge of the situation told the Financial Times that Jooste had died from a gunshot wound.

For producing fraudulent and misleading Steinhoff annual financial statements and annual reports for the years 2014 to 2016 as well as the 2017 half-year, Jooste was fined 475 million rand ($25.2 million) by South Africa’s Financial Sector Conduct Authority on Wednesday.
The retail conglomerate, which owns the bulk of discount stores Pepkor (PPHJ.J) in South Africa and Europe, opened fresh accounts after Steinhoff disclosed irregularities in December 2017, the first indication of an accounting scam that caused the company to nearly collapse.

His wife will be discussed in this post.

Who is Ingrid Jooste? What we know about Markus Jooste’s wife

Jooste was married to wife, Ingrid Jooste for years prior to his demise.

She is a business associate and she survives him toghether with 3 children, a son and two daughters.