The South African Former Steinhoff Chief Executive Markus Jooste has tragically died.The South African Broadcasting Corporation has confirmed that Jooste took his own life.

The news comes amid ongoing scrutiny and legal battles surrounding Jooste and the collapse of Steinhoff International Holdings NV, once one of the world’s largest retailers.

This week, the Financial Sector Conduct Authority (FSCA) imposed an administrative penalty totalling R475 million on the former CEO of Steinhoff.

Following an investigation, Jooste, together with Dirk Schreiber, was found to have made false and misleading statements in relation to Steinhoff International Holdings Limited and Steinhoff International Holdings NV.

--SABC--