The probe is carrying on, as there are other investigated parties involved, stresses FSCA.
The passing of former Steinhoff boss Markus Jooste will not have an impact on the ongoing investigation relating to fraud and misrepresentation at the erstwhile JSE-listed retailer, the Financial Sector Conduct Authority said on Friday.
Jooste’s untimely death raised concerns over how market conduct authorities and law enforcement entities would continue with the investigation, which now spans more than five years. A day before his death, the FSCA issued Jooste with a penalty of R475 million, following an investigation into his and business associate Dirk Schreiber’s conduct at Steinhoff.
Apart from the contraventions of the FMA, charges of fraud, and a pattern of racketeering activities are levelled against Jooste and Grobler. Grobler appeared in court on Friday on the charges. The FSCA penalty was the latest in several fines that had been imposed on Jooste. In October 2023, another regulatory body, the Financial Services Tribunal upheld the Johannesburg Stock Exchange decision to impose a public censure and R15 million penalty against Jooste for his failure to adhere to the bourse’s listing requirements.
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