‘Steinhoff’ author on accounting fraud scandal and Markus Jooste death: ‘A tragic story in many ways’

JOHANNESBURG - Author and former journalist James-Brent Styan described as “a tragic story in many senses” the Steinhoff scandal and its culmination in the death of the alleged mastermind, former CEO Markus Jooste.

It’s believed Jooste died by suicide on Thursday afternoon.

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Police confirmed he sustained a gunshot wound to his head, with no foul play suspected.

Styan, who authored the book, Steinhoff: Inside South Africa’s Biggest Corporate Crash, said he was shocked by the news.

“I personally never thought Jooste was the type of guy to take this sort of step. I always sort of felt he was controlling the situation - that was my impression. He never seemed to be fazed. 

“The one or two times that he was in public, he always seemed to be in control. This thing has been coming since 2017 so that's now what seven years, and there just never really seemed like there was any pressure on this guy.”

Styan spoke to how Jooste rose through the ranks to become what he described as “a darling of the Johannesburg Stock Exchange (JSE)” before it all came crashing down.

“I think it’s hard to be sympathetic when you understand how many lives were destroyed by the Steinhoff crash. There were many, many victims of what happened.

“Personally, I'm even aware of people that took their own lives as well at the time, and shortly thereafter, because of the complete devastation that happened in their lives by the Steinhoff crash. So, it's a very sad story - it’s a very difficult story.”