Black Business Council (BBC) says the sanction imposed by the Johannesburg Stock Exchange (JSE) on Steinhoff’s former chief executive Markus Jooste, is too lenient.
This follows Jooste’s failed bid to overturn the JSE’s decision to ban him from serving as director of a listed entity for the next twenty years.
The sanction also includes two fines amounting to R15 million.
This is the JSE’s public censure against Jooste, who was at the centre of the country’s biggest accounting fraud scandal.
Chief Executive Officer of the Black Business Council, Kganki Matabane says, “In comparison with [his] salary and the money he made personally, it looks like more of a slap on the wrist. Obviously they said it’s a maximum, so what needs to happen is that the JSE needs to revise those rules because they seem very lenient.”
“When you look at the 20 years [ban] that they put on him, I think that is not enough, they should have banned him for life, because of what he has done. When you look at the severity of what he has done and the punishment that he’s getting it looks like he’s been favoured,” adds Matabane.
Below is the full interview: