Disgraced former chief executive of Steinhof Markus Jooste has reportedly shot himself just more than 24 hours after the Financial Sector Conduct Authority revealed that it was fining him a whopping R475-million and that it planned to pursue a criminal case.

Police were investigating the death of former Steinhoff boss Markus Jooste on Thursday night following reports that he had shot himself at his Hermanus property.

The SAPS confirmed to Daily Maverick early on Thursday evening that the Hermanus police have opened an inquest docket for the death of a 63-year-old man who sustained a gunshot wound.

According to a source, Jooste fatally shot himself when police walked into his Hermanus home to arrest him. It was not immediately clear where Jooste shot himself, or to whom the weapon belonged.

An eyewitness said the incident happened outside his home. Emergency personnel had been called to the scene, attached drips with fluid and carried him on a stretcher to an ambulance, the witness said.

The nature of the charges against Jooste were not known at this stage, but a source said they related to alleged crimes committed at Steinhoff.

His death comes a day after he was informed that he had to pay a R475-million administrative penalty to the Financial Sector Conduct Authority (FSCA) on or before Friday, 19 April 2024 - giving him a month to come up with the funds.

Until his death, the former Stellies Old Boy was stoic,...