Markus Jooste's life tragically came to an end as he took his own life in the wake of a damning report from the Financial Sector Conduct Authority (FSCA), imposing a hefty fine of R475 million. The former CEO of Steinhoff was found deceased at his home in Hermanus, leaving behind his wife, son, and two daughters.
The FSCA's investigation revealed Jooste's willful manipulation of financial information, resulting in inflated operating profits and misleading investors and lenders.
Jooste left horseracing in a trail of disaster and it led to the ultimate demise of Phumelela as well as Gold Circle declaring losses until it was sold thereafter. The ripple effect was telling to both operators and brought the sport to its knees and within hours of closure.
He owned numerous horses, stallions, a stud farm, a sale company and controlled most of the industry.
He was found dead with a single gunshot.
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