'Not a one-man show': Marcus Jooste's death doesn't mean end of investigations, says author
Earlier this week, the Financial Sector Conduct Authority slapped former Steinhoff CEO Markus Jooste with a R475 million fine his involvement in according fraud and according to reports, the country’s law enforcement agencies were preparing for his arrest.
Former chief executive of South African retail giant Steinhoff Markus Jooste gives testimony about the massive drop of value of the multinational company, in front of a parliamentary committee in the South African Parliament on 05 September 2018, in Cape Town. Picture: AFP
JOHANNESBURG - James-Brent Styan - the author of Steinhoff: Inside South Africa’s Biggest Corporate Crash - says while Markus Jooste’s death this week is a setback for accountability, it’s not the end of the road.
Jooste died on Thursday afternoon, following a shooting incident in Hermanus, Western Cape, where he lived.
He reportedly shot himself and police have confirmed that an inquest docket has been opened.
They say he died shortly after arrival at a private hospital.
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Seven years after the Steinhoff scandal broke, the drag net finally appeared to be closing on Jooste.
Earlier this week, the Financial Sector Conduct Authority slapped him with a R475 million fine over his involvement and according to reports, the country’s law enforcement agencies were preparing for his arrest.
Styan said against this backdrop, his death represented a setback for accountability.
“But it doesn't mean that there isn't further room and place to investigate. This was certainly not a one-man show. There's no way a complex situation like this could have been orchestrated by one person. So, hopefully some further investigation will continue.”
Styan said a good starting point would be the 3,000-page PricewaterhouseCoopers report, which has never been released.
Rob Rose, who also wrote a book on the Steinhoff scandal, reflected on the life Jooste had been leading in recent years and described it as “relatively reclusive”.
“Although he was venturing out more and more, perhaps an expectation that the criminal charges against him would never see the light of day.”