The Financial Sector Conduct Authority has imposed an administrative penalty of 53 million rand to retail giant Steinhoff. This is for accounting irregularities that occurred in December 2017.
The FSCA hosted a conference in Pretoria on Thursday to discuss how South Africans are not retiring comfortably due to the high retirement fund costs. It found that the Steinhoff Group made false misleading declarations and forecasts in its public statements to the markets.
The FSCA initially imposed an administrative penalty of 1 point 5 billion rand on Steinhoff, but decided to change this to 53 million due to Steinhoff’s current financial position.
Listen to Corporate law professor, Tshepo Mongalo below: