FSCA slaps Markus Jooste with R475 million fine

Markus Jooste
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The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty totalling R475 million against former Steinhoff CEO Markus Jooste.

Following an investigation, Jooste, alongside Dirk Schreiber, were found to have disseminated false and misleading statements regarding Steinhoff International Holdings Limited and Steinhoff International Holdings NV.

Moreover, the contraventions relate to the publications of the annual financial statements and annual report for the period 2014 to 2016 financial year including half year of 2017.

The FSCA has given Jooste almost a month to settle the fine.

Commissioner at FSCA, Unathi Kamlana, “This conduct meant that investors base their assessment of Steinhoff International prospects on false incomplete or misleading information which resulted in material destruction of value estimated to run in the hundreds of millions of rand in losses including losses suffered by various pension funds.”