Markus Jooste hit with R475m fine - but SA watchdog expects long legal fight
The Financial Sector Conduct Authority has hit disgraced former Steinhoff CEO Markus Jooste with a fine of R475 million – but it expects a long legal fight.
"We are expecting him not to immediately pay the penalty," said Alex Pascoe, head of FSCA's market abuse investigation team. He expects that Jooste is probably going to appeal and that the case may eventually end up in the Constitutional Court. Following a lengthy investigation, the FSCA said on Wednesday it found that Jooste and Steinhoff's former European finance chief, Dirk Schreiber, were responsible for publishing deceptive statements about Steinhoff International's financial position between 2014 until 2017.
Given his level of cooperation and general assistance, leniency was given to Schreiber, who won't be fined, said the FSCA.
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