The Financial Sector Conduct Authority’s (FSCA) has fined former Steinhoff CEO Markus Jooste and three others at least R241 million for insider trading related breaches.
Jooste must pay nearly R123-million following the breaches that date back to 2017.
He has also been ordered to pay the authority’s costs incurred while investigating the matter.
The breaches were in respect of share transactions in Steinhoff International Holdings during November and December.
The authority found that on November 30, 2017, shortly before the much-publicised significant decrease in the market value of Steinhoff shares, Jooste was privy to Steinhoff-related inside information.
He disclosed some of the information in a “warning SMS” encouraging four individuals close to him to dispose of their Steinhoff shares prior to the publication of the information to the rest of the market.
Three recipients acted on his disclosure and encouragement and sold their shares in Steinhoff.
Below is the full statement:
FSCA fines Mr Markus Jooste and three others a total of R241 million for insider trading related breaches: https://t.co/ftat2OZ41F
— FSCA (@FSCA_ZA) October 30, 2020
