BREAKING NEWS: Markus Jooste reported dead after allegedly shooting himself

Disgraced former Steinhoff CEO Markus Jooste is reported to have died.

Newzroom Afrika reported on Thursday evening that sources close to the Steinhoff investigation said Jooste had shot himself, and the story soon spread.

The news comes the day after he was slapped with a R475m penalty by the Financial Sector Conduct Authority (FSCA).

It was the latest development in the long-running saga of getting justice after Steinhoff carried out the biggest corporate fraud in the history of South Africa.

Ray White (in for Bruce Whitfield) gets an update from Rob Rose, editor of the Financial Mail and author of 'Steinheist'.

Rose says he was alerted to reports of Jooste's death by Newzroom Afrika and has spoken to various people who are themselves trying to confirm this, obviously not being at the scene.

"It was alarming and a huge shock that I never would have expected of Markus Jooste."

From what he understands, Jooste moved mainly between Hermanus and Stellenbosch in the Western Cape, Rose says.

"He lived a relatively reclusive lifestyle although he was being seen out more and more, perhaps with the expectation that the criminal charges against him would never see the light of the day."

Rob Rose, Editor - Financial Mail

There were certainly expectations that the disgraced businessman would appeal the FSCA penalty.

The assumption is, given his previous denials of the accusations, that Jooste would have appealed the penalty, Rose comments.

'"...given that he pretty much argued that it was all a fiction and there were no irregularities at Steinhoff, he would have fought the regulator's fine at R475 million to the very end."

"I think what might have caused any change in his attitude would have been if the Hawks finally came knocking at his door, which hadn't happened after seven years."

Rob Rose, Editor - Financial Mail

Penalties were issued against Jooste and former European finance chief, Dirk Schreiber for having made or published false, misleading, or deceptive statements about Steinhoff - which they knew, or ought reasonably to have known, were false, misleading, or deceptive.

A leniency agreement with the FSCA effectively means that although Schreiber was found guilty, he will not face an administrative penalty.

The Authority gave Jooste until 19 April to cough up the money.