CAPE TOWN - Markus Jooste has written a personal note to colleagues apologising for some of his "big mistakes".
The former Steinhoff International CEO resigned late on Tuesday night. The result sent shock ways throughout the Johannesburg Stock Exchange.
In is estimated that Steinhoff has lost close to a R100 billion as a result of Jooste's resignation and possible fraud allegations.
In a personalised letter first seen on Fin24 Jooste said he was sorry for the bad publicity he has created over the last couple of months.
German business magazine Manager-Magazin in Agust reported that Jooste was being investigated by German authorities.
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He is one of four executives that may be involved in accounting fraud from 2015.
Steinhoff’s share price closed at R45.65 on the JSE on Tuesday and hit a low of R13.50 yesterday before closing 61.42% down at R17.61.
Jooste goes onto say: "Now I have caused the company further damage by not being able to finalise the year-end audited numbers and I made some big mistakes and have now caused financial loss to many innocent people.”
"It is time for me to move on and take the consequences of my behaviour like a man. Sorry that I have disappointed all of you and I never meant to cause any of you any harm."
Steinhoff’s supervisory board has now appointed its chairperson, Christo Wiese, as interim executive chairperson.
Pieter Erasmus, the previous chief executive of Pepkor Group, has agreed to join Wiese in an executive advisory capacity to assist with managing the group's various retail interests around the world.