FSCA Slaps Markus Jooste with R475m Fine for ‘False’ Steinhoff Statements

The FSCA* has fined Markus Jooste, the former CEO of Steinhoff, R475 million for allegedly providing false Steinhoff statements. As an organisation, Steinhoff was caught in the centre of a bad deal in 2017. It was accused of violating the rules and regulations of the business world and revealing a significant six billion euro hole in its financial information. However, Jooste stepped down from his post but affirmed that he was innocent of fraudulent financial activities, as reported by Jacaranda FM.

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Additionally, the Johannesburg Stock Exchange fined Steinhoff R13.5 million in October 2022 due to violations of listing regulations, specifically concerning disseminating misleading information. After an extensive inquiry, the FSCA determined that Jooste and former European finance chief Dirk Schreiber knowingly circulated deceptive statements about Steinhoff. The penalty imposed by the FSCA, which encompasses the reimbursement of investigation expenses and accrued interest, seeks to discourage similar wrongdoing within the financial market. Meanwhile, Schreiber opted for a leniency agreement with the FSCA, exempting him from administrative penalties while remaining subject to ongoing investigations into comparable infractions.

*Financial Sector Conduct Authority

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Picture: Meta / Sherry King

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