AS questions about the mysterious death of disgraced former Steinhoff chief executive continue to linger, police have refused to provide details of the so-called investigation into the death of one of the dodgiest business people who have cost pensioners their hard-earned funds.
The death of the 63-year-old Markus Jooste was confirmed by the police last month following his alleged suicide a day after the Financial Sector Conduct Authority (FSCA) imposed a R475 million administrative fine on him for accounting irregularities at Steinhoff.
Jooste was instrumental in what became known as the “Steinhoff Heist” following his fraudulent activities which cost South Africa’s Public Investment Corporation close to R200 billion of investments.
With so much warranted public interest surrounding Jooste’s death and many unanswered questions, the police have not come forth to provide information ascertaining details of his death.
Efforts by the Sunday Independent to solicit information from the police on the whereabouts of Jooste’s body have yielded no results as the police refuse to divulge details.
Western Cape police spokesperson Colonel Andre Traut said that issues concerning pathologists, hospitals, and mortuaries were best addressed by the Department of Health.
Asked how many officers responded to the scene where Jooste allegedly took his life, Traut declined to provide details.
Questions about what Jooste was wearing at the time of his death were also not responded to by the police.
Traut said: “The number of police officers responding to an emergency on the other hand is indeed an SAPS-related matter … Due to operational reasons, deployment figures are not released to the media.
“In conclusion, kindly be advised that the death inquest case docket with regards to the death of Markus Jooste is still under investigation, and there are no new developments to report at this stage.”
Ordinarily, in a high-profile case with so much potential for media attention, the police have struggled to reinforce people’s understanding of the importance of confidentiality. There were no updates on the smallest details, such as the funeral arrangements.
Many on social media showed very little confidence in the police and likened his death to that of Bosasa businessman Gavin Watson.
Watson mysteriously died in a car accident early on August 26, 2019, when the company vehicle he was driving struck a pillar on an approach road to OR Tambo International Airport.
Like Jooste, nobody saw Watson’s body after he died. Some have even suggested that – much like serial criminal Thabo Bester who was once declared dead in prison only to be found roaming the streets of Sandton – Jooste may very well be alive.
While Jooste became a business powerhouse when he teamed up with serial investor Christo Wiese in 2014 and went on an aggressive international expansion programme, his success was short-lived before everything went south.
After a disagreement with their business partner Andreas Seifert, European regulators, journalists, and law enforcement became aware of the conglomerate's exaggerated profit and asset values, as well as undisclosed deals with third parties off the balance sheet. This prompted Deloitte to request an internal investigation before approving the 2017 financial statements.
Jooste resisted this demand and needed help convincing the Steinhoff board to appoint new auditors. Jooste submitted his resignation on December 5, 2017, followed by Wiese nine days later when a investor, Public Investment Corporation (PIC), called for independent oversight.
Jooste’s resignation was followed by a protracted controversy concerning Steinhoff's accounting practices in its Central European business dating back to 2014.
The uncertainty saw some R160 billion of Steinhoff's value wiped off the markets in a matter of days, with continuing losses as the situation unfolded – leading to Steinhoff's demise in 2023.
A day before his death, the FSCA imposed an R475 million administrative fine on Jooste for accounting irregularities at the company.
But before the FSCA penalty, after Deloitte confirmed that Steinhoff had falsified its financial statements, the JSE fined Jooste about $880 000 (R17m) for violations of its listing regulations while the SA Reserve Bank in 2021 seized assets worth up to R1.4 billion from Steinhoff and from Jooste’s family trust.
Jooste was also barred from holding office in listed companies for a period of 20 years.