The former head of the retail group that was at the centre of a huge corporate fraud case in South Africa has died, a day after he was ordered to pay $25m (£20m) as a fine.

Police said Markus Jooste succumbed to a gunshot wound after he allegedly shot himself on Thursday outside his home.

“The circumstances surrounding his death are being investigated,” police spokesperson André Traut told local media.

The country's financial regulator said Jooste had played a role in the publishing of misleading financial statements about Steinhoff International Holdings.

The retailer has suffered heavy losses, as have investors in South African pension funds, since an accounting scandal broke in 2017.

Prior to that, Jooste had acquired billions of dollars' worth of high street retailers across Europe (including the UK-based Poundland).

He had also been fined for insider trading in 2020.