Markus Jooste, former chief executive officer of scandal-ridden retailer Steinhoff International Holdings NV, has died at 63.

His death comes just one day after the Financial Sector Conduct Authority (FSCA) levied a R475 million fine against him for making and publishing false, misleading or deceptive statements about the company. That was in addition to a R20 million penalty previously levied by the regulator for insider trading.

Jooste’s death occurred in his hometown of Hermanus, South Africa, according to a person familiar with the situation who wasn’t authorised to comment and therefore asked not to be named.

Police in Hermanus, a seaside community about 120km south of Cape Town, confirmed the death of a 63-year-old man on Thursday afternoon (21 March) without identifying him by name.

The police statement said the cause of death was a fatal gunshot wound to the head.

No foul play was suspected, the police said. The investigation is continuing.

Steinhoff, the former owner of Conforama in France and Mattress Firm in the US, had been battling to survive ever since auditors refused to sign off on its financials in late 2017. That prompted Jooste to resign and led to a dramatic share-price collapse as well as the start of police and regulatory investigations in both Europe and South Africa.

Artificial transactions were allegedly used to manipulate balance sheets by more than €1.5 billion (close to R31 billion at Thursday’s exchange rate).

Additionally, prosecutors have said the value of real estate assets was inflated. A forensic probe by auditor PwC uncovered €6.5 billion (R133 billion) of irregular transactions with eight firms over eight years.

Jooste was charged in Germany on allegations that he was the architect of the accounting scandal, which he denied.

The ex-CEO kept a low profile, barring one public appearance before South African lawmakers in 2018 to explain his role in the collapse.

With his wife, Ingrid, Jooste had a son and two daughters.