Steinhoff's Markus Jooste hit with R475 fine by FSCA
South Africa's financial sector watchdog, the Financial Sector Conduct Authority has imposed a hefty fine of R475 million on
The fine was announced in a statement released on Wednesday, and comes after an FSCA's investigation concluded that Jooste, along with Schreiber, who was sentenced to three years in prison by a German court last year, made or published false, misleading or deceptive statements about the company's financial situation.
This act prohibits the making or publishing of any false or misleading statements, promises, or forecasts about a company's past or future performance, especially when the company has listed securities on a regulated market. The FSCA said it considered several factors in determining the penalty, including the need to deter similar misconduct, the significant losses suffered by investors, Jooste's lack of cooperation during the investigation, and the serious and prolonged nature of the contraventions.
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