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South Africa — Business / finance / technology

Markus Jooste

Business and billionaires

Documented profile covering 4 controversies, including “Steinhoff accounting fraud: central scheme, R475 million FSCA fine and criminal proceedings ended by his death” and “Sanction for disclosing inside information to associates before Steinhoff's collapse”.

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Profile No. 0552 · Updated on 6 September 2026

4Documented controversies
15Sources
0Formal charge · all time
0Conviction

§ Legal statuses reflect the documented sources as of the date shown; they replace neither court decisions nor the presumption of innocence. Counts are not a rating. Methodology

I. Documented controversies

01

2009-2026

Steinhoff accounting fraud: central scheme, R475 million FSCA fine and criminal proceedings ended by his death

Case dismissed / dropped

The Steinhoff scandal exposed a scheme of fictitious or irregular transactions that inflated profits and assets over several years. The PwC investigation and authorities placed former CEO Markus Jooste at the centre of the operation. On 20 March 2024, the FSCA imposed a R475 million penalty on him for false, misleading or deceptive financial statements and omission of material facts. Parallel criminal proceedings had led to warrants in Germany and South Africa for fraud/racketeering; Jooste died in March 2024 before a full criminal trial. In 2026, recovery of the penalty from his estate was continuing.

Attribution
Direct responsibility

Sources · 8

  1. [1]
    ReutersPwC investigation finds $7.4 billion accounting fraud at Steinhoff, company saysMediaHigh reliability
  2. [2]
    ReutersEx-CEO, seven others responsible for Steinhoff fraud, new CEO tells lawmakersMediaHigh reliability
  3. [3]
    ReutersS. Africa regulator fines former Steinhoff CEO for accounting fraudMediaHigh reliability
  4. [4]
    Financial Sector Conduct AuthorityUpdate on Steinhoff International Holdings Limited and Steinhoff International Holdings NV - Markus Jooste penaltyOfficial documentHigh reliability
  5. [5]
    IOLMarkus Jooste's R475m fine still unpaid as FSCA pursues estate through courtsMediaMedium reliability
Show 3 more sources
  1. [6]
    News24Jooste estate placed in provisional sequestrationMediaHigh reliability
  2. [7]
    ReutersSteinhoff ex-CEO had expected arrest before being found near death, police sayMediaHigh reliability
  3. [8]
    Financial TimesEx-Steinhoff chief executive Markus Jooste dies of gunshot woundMediaHigh reliability

Last verified: 19 August 2026

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02

2017-2023

Sanction for disclosing inside information to associates before Steinhoff's collapse

Civil / administrative proceedings

Before the public announcement of the Steinhoff crisis, Jooste sent messages to several associates suggesting that they should reduce their exposure to Steinhoff shares. The FSCA concluded that he had disclosed inside information in breach of the Financial Markets Act and imposed an administrative penalty, which was revised during appeal proceedings.

State of the evidence
Documented
Attribution
Directly implicated

Sources · 2

  1. [1]
    ReutersFormer Steinhoff CEO Jooste, associates fined 241 million rand for insider tradingMediaHigh reliability
  2. [2]
    SAFLII / Financial Services TribunalJooste v Financial Sector Conduct AuthorityCourt recordHigh reliability

Last verified: 19 August 2026

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03

2017-2021

Mayfair Speculators: transfer of approximately R1.5 billion in assets before collapse and allegation of placing them beyond creditors' reach

Civil / administrative proceedings

Mayfair Speculators, an investment vehicle linked to Jooste, had borrowed approximately R1.25 billion from several banks, secured partly by Steinhoff shares. In August 2017, a few months before the share price collapsed, Mayfair Speculators transferred approximately R1.5 billion in assets to Mayfair Holdings through a dividend in kind. After the crisis, Absa argued in court that the transfer had put the assets beyond creditors' reach and characterised it as fraud intended to protect Jooste and his family.

Sources · 3

  1. [1]
    Financial MailJooste accused of 'naked fraud'MediaHigh reliability
  2. [2]
    Business DayCompanies owned by Steinhoff’s Jooste fend off provisional liquidationMediaHigh reliability
  3. [3]
    Business DaySaica throws the book at Markus JoosteMediaHigh reliability

Last verified: 19 August 2026

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04

1993-2017

Undisclosed shareholdings and related-party transactions: suspicions of self-dealing to Steinhoff's detriment

No legal proceedings

Offshore documents, company registers and evidence from the Steinhoff case showed that Jooste secretly held interests in entities that sold assets to Steinhoff, leased property to it or acquired stakes in companies subsequently bought by Steinhoff. Beneficial owners were not always disclosed to investors, creating situations in which Jooste potentially stood on both sides of transactions and could obtain private benefits.

State of the evidence
Documented

Sources · 2

  1. [1]
    amaBhungane / Financial MailSteinhoff’s secret history – How Markus Jooste’s scam beganinvestigativeHigh reliability
  2. [2]
    Financial MailSteinhoff’s dodgy deal down underinvestigativeHigh reliability

Last verified: 19 August 2026

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II. Constellation of documented links

  • Linked profile (portrait or initials) — click to open it
  • Line width: number of documented references
  • Hover over or tap a line: controversies and sources

Two profiles are linked when a documented controversy of one names the other. The link points to that controversy and its sources; it does not indicate a personal relationship.

List of documented links (2)
  1. Christo Wiese1 documented reference
  2. Mmusi Maimane1 documented reference

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