South African millionaire and former Steinhoff CEO, Markus Jooste, is reported to have died by suicide in Hermanus on Thursday, a day before he was told to hand himself over to law enforcement.
On Wednesday, the Financial Sector Conduct Authority (FSCA) fined Jooste R475 million after it found that he and Steinhoff's former European finance chief, Dirk Schreiber, were responsible for publishing deceptive statements about Steinhoff International's financial position between 2014 and 2017.
This meant investors based their decision on false information, which resulted in hundreds of billions of rand in losses, also by pension funds.
A source close to the matter said Jooste and former Steinhoff company secretary and head of legal Stéhan Grobler were told on Wednesday that they had to hand themselves over to the Hawks on Friday.
On Thursday, Jooste told his wife he was going out for a walk. She left to play a round of golf in the meantime.
It was during his walk that Jooste shot himself.