Former CEO of Steinhoff International Markus Jooste has been fined by the FSCA for publishing misleading company statements.
The Financial Sector Conduct Authority has fined Markus Jooste R475 million as part of its investigations into his work as the former CEO of Steinhoff International., FSCA Commissioner Unathi Kamlana said that Jooste would be penalized for publishing fraudulent statements about Steinhoff International – which was listed on the JSE and the Frankfurt Stock Exchange.
Kamlana said that Jooste and Schreiber failed to deliver valuable information to investors, which concealed Steinhoff’s true financial position. “The false irrecoverable assets, reflected as cash and cash equivalents in the financial results, meant that the corresponding equity of Steinhoff International was overstated.”
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.
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 »
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 »
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 »
Steinhoff: Reserve Bank manager signed off on billions in alleged unlawful cross-border transactions (Part One)The SA Reserve Bank has laid a corruption complaint against a former divisional head at its Financial Surveillance department, Raymond Paola, who was between 2012 and 2017 tasked with overseeing Steinhoff’s large cross-border transactions.
Read more »
Xneelo founder returns as CEOXneelo (formerly Hetzner SA) founder and owner Hans Wencke will be returning as the company’s CEO.
Read more »