Ex-Steinhoff CEO given a month to pay penalty

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The former Steinhoff CEO Markus Jooste has until the 19th of next month to pay the R475 million administration penalty that the Financial Sector Conduct Authority (FSCA) has imposed on him.

Steinhoff’s Markus Jooste fined R475m:

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

Former Steinhoff CEO hit with nearly half-billion rand penalty for false statements:

A criminal case has also been opened with the National Prosecuting Authority. The Reserve Bank has frozen Jooste’s assets.

The Commissioner at FSCA, Unathi Kamlana says, “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.”

Former Steinhoff CEO Markus Jooste fined R475m: Khaya Sithole