That's after the apparent suicide here of Markus Jooste, the former chief executive of Steinhoff.
Jooste, who was instrumental in transforming what was a small Johannesburg furniture outfit into a multinational retailer, had been handed a hefty fine for accounting fraud on Wednesday (March 20).
Police have not released a name but said that a 63-year-old man had sustained a gunshot wound and died on the way to hospital, and that foul play was not suspected.
Local media have identified the deceased as Jooste.
Hermanus resident Theo Krynauw said the community would be "very shocked" by the incident.
"You wonder what went on in the mind of this man, walking down this very steep cliff path, down to here, the rocks, hiding behind these massive rocks behind me, and then shooting himself. The agony, the pressure that must have driven him to this. And you know, your mind just goes to the fact that he's a father with children, and, what happens to his family?"
South Africa's Financial Sector Conduct Authority had fined Jooste 475 million rand, or $25.2 million.
That was for publishing false and misleading Steinhoff annual financial statements and annual reports for the 2014 to 2016 years and the 2017 half-year.
Holes were revealed in the accounts in December 2017 - the first sign of an accounting fraud that led to the near collapse of the retail group.
Steinhoff, majority owner of South African and European discount retailers Pepkor and Pepco, has suffered hefty losses and a stream of lawsuits since then.
Jooste told a South African parliamentary inquiry in 2018 that he was not aware of any accounting irregularities when he left the retailer in December 2017.
He had also been under fraud investigation by South African police.
