Accountability lingers in Steinhoff case since Markus Jooste's suicide

Lester Kiewit speaks to Rob Rose, former Financial Mail editor and author of 'Steinheist: The inside story behind the Steinhoff scandal'.

Kiewit reports that former Steinhoff CEO Markus Jooste died by suicide in Hermanus on Thursday 21 March, a day before he was supposed to hand himself over to law enforcement.

An inquest docket released by the Hermanus police, reveals that there was 'no foul play' in Jooste's death.

His suicide comes after an investigation into Steinhoff International, a multinational holding company, dual-listed in both Germany and South Africa.

Jooste was ordered to pay a penalty of R475 million to South Africa's FSCA (Financial Sector Conduct Authority) by 19 April 2024. He was also summoned by a court in Germany.

Jooste's death 'leaves us with more questions than answers' around accountability, explains Rose.

"Accountability is needed for this. It is, kind of, South Africa's largest fraud. There were R106 billion fictituous transactions in Steinhoff's accounts, over more than a decade. That's a staggering amount of fraud. So certainly you want accountability for that, and you want somebody to be in the dock and answer for it."

- Rob Rose, Former Financial Mail Editor

Rose also argues that 'there is far more' to know about this case so it won't die with Jooste.

"In terms of what we don't know, there are the mechanics of how it happened and elements we still aren't entirely sure about."

- Rob Rose, Former Financial Mail Editor

"There is far more in this case and for that reason alone, it can't just die. Simply because there are other people who were part of it. A forensic report... said that there was a group of Steinhoff executives that were part of it, and they named those people in parliament. Markus Jooste was one of two people from Steinhoff who were told to report to the police station this week, so certainly you would imagine that the case would still continue."

- Rob Rose, Former Financial Mail Editor

Rose also questions why anyone would do something like this.

I think... why somebody would do this in the first place is perhaps the more interesting question."

- Rob Rose, Former Financial Mail Editor

Rose says it's frustrating to know that Jooste won't be held accountable for his actions.

"It is a bit frustrating that he won't be part of it, since all the evidence and all the findings so far suggested that he was the axis of the fraud. But it [the case] will continue and there will be people held accountable... I suppose in that way, the story will be told."

- Rob Rose, Former Financial Mail Editor

Scroll up to the audio player to listen to the full conversation.