Jooste has to pay the administrative penalty to the Financial Sector Conduct Authority on or before Tuesday, 19 April 2024 – giving him a month to come up with the funds.
More than a year after Steinhoff mastermind Markus Jooste successfully got his insider trading fine reduced from a whopping R161.6-million to just R20-million, the Financial Sector Conduct Authority has hit him with a R475-million penalty.
The FSCA found that Jooste and Schreiber contravened the Financial Markets Act in respect of Steinhoff International Holdings Ltd and Steinhoff International Holdings NV’s annual financial statements and annual reports for the 2014 to 2016 financial years, and the 2017 half-year. The FSCA noted in the court order that he had received income from other sources during this time but failed to disclose that income despite being asked to do so.
The R475-million includes a contribution of R10-million to reimburse the FSCA for costs incurred in connection with the investigation of the contravention, and interest at the rate of 11.75%. The interest will accrue on any unpaid portion of the administrative penalty until it is fully paid.The need to deter similar behaviour in the market.Jooste’s level of cooperation during the investigation.The extent of any financial or commercial benefit to Jooste.
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