{"id":63019,"date":"2024-03-20T16:37:23","date_gmt":"2024-03-20T16:37:23","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine"},"modified":"2024-03-20T17:32:43","modified_gmt":"2024-03-20T17:32:43","slug":"ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine","title":{"rendered":"Ex-Steinhoff CEO Markus Jooste slapped with R475 million fine"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The Financial Sector Conduct Authority (FSCA) has fined Markus Jooste R475 million as part of its investigations into his work as the former CEO of Steinhoff International.<\/p>\n

As reported by Daily Investor, FSCA Commissioner Unathi Kamlana said that Jooste would be penalized for publishing fraudulent statements about Steinhoff International \u2013 which was listed on the JSE and the Frankfurt Stock Exchange.<\/p>\n

On 19 March 2024, the FSCA found that Jooste and former Steinhoff CFO Dirk Schreiber contravened section 81(1)(a) and (b) of the Financial Markets Act.<\/p>\n

Kamlana said that Jooste and Schreiber failed to deliver valuable information to investors, which concealed Steinhoff\u2019s true financial position.<\/p>\n

\u201cFalse operating profits were disguised as receivable which were, in fact, not recoverable,\u201d the FSCA said.<\/p>\n

\u201cThe false irrecoverable assets, reflected as cash and cash equivalents in the financial results, meant that the corresponding equity of Steinhoff International was overstated.\u201d<\/p>\n

Kamlana added that investors based their assessments of Steinhoff\u2019s financial prospects on this fraudulent information, resulting in losses for investors and pension funds.<\/p>\n

As part of his R475 million fine, Jooste must also pay R10 million in investigative costs payable in 30 days from 19 March 2024.<\/p>\n

In arriving at this substantial amount, the FSCA considered the to deter similar behaviour in the market, the losses experienced by the market, Jooste\u2019s level of cooperation during the investigation, the commercial benefit to Jooste and more.<\/p>\n

The FSCA also said that it will open a case with the Hawks in regard to the matter.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The Financial Sector Conduct Authority (FSCA) has fined Markus Jooste R475 million as part of its investigations into his work as the former CEO of Steinhoff International. As reported by Daily Investor, FSCA Commissioner Unathi Kamlana said that Jooste would be penalized for publishing fraudulent statements about Steinhoff International \u2013 which was […]<\/p>\n","protected":false},"author":84,"featured_media":63018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-63019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nEx-Steinhoff CEO Markus Jooste slapped with R475 million fine - South Africa<\/title>\n<meta name=\"description\" content=\"The Financial Sector Conduct Authority (FSCA) has fined Markus Jooste R475 million as part of its investigations into hi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ex-Steinhoff CEO Markus Jooste slapped with R475 million fine\" \/>\n<meta property=\"og:description\" content=\"The Financial Sector Conduct Authority (FSCA) has fined Markus Jooste R475 million as part of its investigations into hi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T16:37:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-20T17:32:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1710943005.358113.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Ex-Steinhoff CEO Markus Jooste slapped with R475 million fine\",\"datePublished\":\"2024-03-20T16:37:23+00:00\",\"dateModified\":\"2024-03-20T17:32:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine\"},\"wordCount\":265,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1710943005.358113.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine\",\"name\":\"Ex-Steinhoff CEO Markus Jooste slapped with R475 million fine - 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