Who was Markus Jooste? All we know about his family, career and controversies
Markus Jooste was a renowned businessman, chartered accountant and CEO from South Africa. He was the chief executive officer of Steinhoff International and an enthusiastic horse breeder. Markus was reportedly one of Africa's wealthiest persons in 2016, valuing millions of dollars. How much do you know about him?
Source: UGC
TABLE OF CONTENTS
- Markus Jooste's profile summary
- Markus Jooste's biography
- Educational background
- How old was Markus Jooste when he died?
- Career
- What was Markus Jooste's net worth?
- Who is Markus Jooste's wife?
- How many children does Markus Jooste have?
- Markus Jooste's mistress
- Markus Jooste's house
- What happened with Markus Jooste?
- Markus Jooste's news
- What is the movie about Markus Jooste?
- FAQs
Markus Jooste began investing in horse racing with 250 horses in the 1990s and has since become Africa's second-largest horse-racing investor and a global leader. He and his son-in-law, Stefan Potgieter, operated their horse racing activities through Mayfair Speculators, an entirely owned division of Mayfair Holdings established in 1987.
Markus Jooste's profile summary
| Full name | Markus Johannes Jooste |
| Gender | Male |
| Date of birth | 22 January 1961 |
| Date of death | 21 March 2024 |
| Age at the time of death | 63 years old |
| Zodiac sign | Aquarius |
| Place of birth | Pretoria, South Africa |
| Place of death | Hermanus, South Africa |
| Nationality | South African |
| Ethnicity | White |
| Religion | Christianity |
| Sexuality | Straight |
| Height in feet | 5'2" (157 cm) |
| Hair colour | Grey-black |
| Eye colour | Dark brown |
| Marital status | Married |
| Wife | Ingrid Jooste |
| Children | Michael, Andrea, Milanje |
| Siblings | 3 |
| Education | Stellenbosch University, Afrikaanse Hoër Seunskool, University of Cape Town |
| Profession | Businessman, chartered accountant |
| Title | CEO, Steinhoff International |
| Net worth | $400 million |
Markus Jooste's biography
Markus Jooste was born in Pretoria, South Africa. His dad was a postal worker and a passionate horse race fan, which instilled in him a love of the races. Markus grew up alongside his three siblings, two brothers and one sister.
Educational background
Jooste earned a BAcc degree from Stellenbosch University in 1982. He then acquired an honours degree from the University of Cape Town while finishing his CA(SA) articles. Christo Wiese's company was one of his audit clients.
How old was Markus Jooste when he died?
Markus was 63 years old at the time of his death. He was born on 22 January 1961 and died on 21 March 2024. His zodiac sign was Aquarius.
Source: UGC
Career
Markus Jooste trained as a chartered accountant in his twenties and was appointed finance director of a publicly listed corporation. At 27, he worked as the finance director of GommaGomma, where he encountered German businessman Claas Daun, who mentored him in business.
In 1998, Markus persuaded Claas to join his company with Bruno Steinhoff in Europe and register Steinhoff International at the JSE. Markus and Claas served as Steinhoff International's non-executive directors beginning in 1988, and Jooste was appointed CEO in 2000.
As CEO, Jooste grew the company from a modest furniture producer to a huge furniture multinational through a series of acquisitions.
What was Markus Jooste's net worth?
According to Billionaires.Africa, Markus Jooste's net worth was alleged to be $400 million at the time of his death. He earned his income through his business career.
Who is Markus Jooste's wife?
Johannes was married to Ingrid Jooste, a South African businesswoman and celebrity personality. They have three children. Markus lived in Stellenbosch.
How many children does Markus Jooste have?
The South African accountant has three children. Markus Jooste's children are a son, Michael, and two daughters, Andrea and Milanje.
Markus Jooste's mistress
The South African entrepreneur had an alleged mistress by the name of Berdine Odendaal. Berdine's bank accounts were seized in 2021 after she allegedly got R60 million in loans from an entity associated with Markus.
SARB seized her bank accounts, which included an estimated R42.1 million, after suspicions were raised that she was the primary beneficiary of Jooste's financial fraud. Berdine requested that the Supreme Court of Appeal (SCA) provide her with a monthly payment of R150 000 to cover her living expenses.
From July 2021 to March 2022, Odendaal received monthly allowances totalling R150 000. Two Absa accounts containing R38.9 million, two Capitec bank accounts, and one Standard Bank account, all related to Berdine, were seized.
Source: Getty Images
Markus Jooste's house
Markus Jooste's home is in Hermanus. He purchased his property in Voëlklip, Hermanus, from the Rupert family. The 7,000-square-meter home, which spans two plots in the beach resort, was appraised for over R81 million, or $4.7 million.
What happened with Markus Jooste?
In August 2017, Manager-Magazin stated that Jooste was under investigation by German authorities. In reaction, Steinhoff's stock fell 16% on the JSE but rebounded after the business refuted the accusations.
Following that, Steinhoff's previous POCO subsidiary accused the company of accounting irregularities. Steve Booysen also informed the board about potential accounting problems following consultations with Deloitte.
Johannes resigned as CEO of Steinhoff in December 2017 after the business confessed to "accounting irregularities" within the corporation and revealed that it had hired PwC to investigate these.
The Johannes found Jooste guilty of two violations of listing requirements, based in part on an 11-page summary of Steinhoff's proprietary PwC report, and enforced a maximum fine of R15 million on him personally, as well as a 20-year ban from serving as a director of a listed business. The FSCA upheld these rulings in 2023.
Markus Jooste's news
Markus Jooste died on 21 March 2024. He died in hospital from a gunshot wound, according to police, and local media reported that he committed suicide at his residence in the southern town of Hermanus.
News of Markus Jooste's death unfolded a day after he was directed to pay a $25 million (£20 million) fine, which was claimed to be the largest in South African history. Police claimed he was informed that an arrest warrant had been placed against him soon before his death.
Source: Getty Images
According to the country's financial regulator, Johannes was involved in the publication of fraudulent accounting records about Steinhoff International Holdings. Steinhoff executives conducted fake transactions worth $6.5 billion to inflate earnings, according to a PwC audit.
When the accounting issue was initially revealed in 2017, about 98% of Steinhoff's stock value was lost. These significant losses also impacted South African pension fund investments. Markus resigned as CEO but denied knowing anything about accounting fraud. In 2020, he received a fine for insider trading.
What is the movie about Markus Jooste?
The movie about Markus Jooste is Steinheist (2022). The series' narrative revolves around the biggest business scandal in South African history: Steinhoff's collapse, which resulted in a loss of R200 billion. Steinheist unravels the story, focussing on those affected, the investors, and the chief executive officer, Markus Jooste, who was still free then.
FAQs
- Who is Markus Jooste? He was a South African businessman, chartered accountant and the chief executive officer of Steinhoff International.
- How many children does Markus Jooste have? He has three: a son, Michael, and two daughters, Andrea and Milanje.
- Was Markus Jooste married? He was married to Ingrid Jooste.
- What did Markus Jooste do to Steinhoff? He was involved in the publication of fraudulent accounting records about Steinhoff International Holdings.
- Does Steinhoff still exist today? The company was officially dissolved on 13 October 2023.
- Who is Markus Jooste's son in law? Stefan Potgieter.
- Where did Markus Jooste die? He took his own life on 21 March 2024, outside his residence in Hermanus.
Markus Jooste was a renowned South African businessman and chartered accountant. He was widely recognised as the CEO of Steinhoff International and an enthusiastic horse breeder. Markus died on 21 March 2024, leaving behind his wife, Ingrid, and three children.
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Priscillah Mueni (Lifestyle writer) Priscillah Mueni is a lifestyle and entertainment content creator with more than 4 years of experience. She graduated from Meru University of Science and Technology with a Bachelor of Technology in Civil Engineering in 2019. In 2023, Priscillah finished the AFP course on Digital Investigation Techniques. She has been writing articles on Briefly.co.za since 2019. Email: pshmueni@gmail.com
Adrianna Simwa (Lifestyle writer) Adrianna Simwa is a content writer at Briefly.co.za, where she has worked since mid-2022. She has written for many periodicals on a variety of subjects, including news, celebrities, and lifestyle, for more than three years. She has worked for The Hoth, The Standard Group and Triple P Media. Adrianna graduated from Nairobi University with a Bachelor of Fine Arts (BFA) in 2020. In 2023, Adrianna finished the AFP course on Digital Investigation Techniques. You can reach her through her email: adriannasimwa@gmail.com
