The FSCA said an investigation found that Jooste and Steinhoff's Dirk Schreiber made or published false, misleading, or deceptive statements about the firm, which they knew, or ought reasonably to have known, were false, misleading, or deceptive.
CAPE TOWN - The Financial Sector Conduct Authority on Wednesday issued a penalty of R475 million against former Steinhoff CEO, Markus Jooste.In September 2019, the authority handed Steinhoff an administrative penalty of R1.5 billion, that was remitted to R53 million and that fine was paid before Steinhoff International became a new private Dutch holding company at the end of 2023.
The FSCA said an investigation found that Jooste and Steinhoff's Dirk Schreiber made or published false, misleading, or deceptive statements about the firm, which they knew, or ought reasonably to have known, were false, misleading, or deceptive.The FSCA has also found Jooste and Schreiber contravened the Financial Markets Act in respect of financial statements and reports between 2014 and 2017.
The authority highlighted that's when the Steinhoff International securities were listed on the JSE and the Frankfurt Stock Exchange. The authority said that due to Schreiber's cooperation with the investigation, he would not face any penalty, while it warned that further investigations continued into similar contraventions by other individuals.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ex-Steinhoff CEO Markus Jooste slapped with R475 million fineFormer CEO of Steinhoff International Markus Jooste has been fined by the FSCA for publishing misleading company statements.
Read more »
Markus Jooste slapped with a R475m fine for Steinhoff misconductBut former finance chief Dirk Schreiber qualifies for a leniency agreement, thanks to his cooperation in the investigation.
Read more »
Markus Jooste hit with R475m fine - but SA watchdog expects long legal fightMarkus Jooste hit with R475m fine - but SA watchdog expects long legal fight
Read more »
FSCA fines Markus Jooste R475 million, refers case to HawksThe R475 million fine for Jooste for publishing false financial statements and annual reports is the biggest ever for an individual.
Read more »
Markus Jooste shows why investors shouldn't meet execs, says asset managerMarkus Jooste shows why investors shouldn't meet execs, says asset manager
Read more »
Steinhoff’s dogged battle to keep its secretsSteinhoff’s continued refusal to provide access to a 7,000-page PwC report on its R200bn collapse hampers journalists’ ability to tell the full story.
Read more »