Steinhoff’s Jooste fined R475mln
Former Steinhoff chief executive Markus Jooste has been fined R475 million by South Africa's Financial Sector Conduct Authority for publishing false and misleading financial statements.
Steinhoff has suffered hefty losses and a stream of lawsuits since revealing holes in its accounts in December 2017, the first sign of an accounting fraud that led to the near-collapse of the retail group, which is majority owner of South African and discount retailer Pepkor.
Jooste was fined after an investigation found that he and European finance boss Dirk Schreiber made or published statements about Steinhoff International Holdings that "they knew or ought reasonably to have known were false, misleading, or deceptive," the FSCA said.
That included misleading shareholders by the omission of material facts, it added.
Jooste was ordered to pay a fine to the regulator on or before 19 April, including R10 million to reimburse the FSCA for reasonable costs incurred during the investigation. - Reuters
Steinhoff has suffered hefty losses and a stream of lawsuits since revealing holes in its accounts in December 2017, the first sign of an accounting fraud that led to the near-collapse of the retail group, which is majority owner of South African and discount retailer Pepkor.
Jooste was fined after an investigation found that he and European finance boss Dirk Schreiber made or published statements about Steinhoff International Holdings that "they knew or ought reasonably to have known were false, misleading, or deceptive," the FSCA said.
That included misleading shareholders by the omission of material facts, it added.
Jooste was ordered to pay a fine to the regulator on or before 19 April, including R10 million to reimburse the FSCA for reasonable costs incurred during the investigation. - Reuters
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