{"id":266527,"date":"2018-08-21T13:06:40","date_gmt":"2018-08-21T11:06:40","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=266527"},"modified":"2018-08-21T13:06:40","modified_gmt":"2018-08-21T11:06:40","slug":"steinhoff-hit-with-r1-million-fine-for-not-disclosing-ratings-downgrade","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/266527\/steinhoff-hit-with-r1-million-fine-for-not-disclosing-ratings-downgrade\/","title":{"rendered":"Steinhoff hit with R1 million fine for not disclosing ratings downgrade"},"content":{"rendered":"<p>The Johannesburg Stock Exchange (JSE) has hit Steinhoff with a R1 million fine after it failed to disclose credit downgrades by ratings agency Moody&#8217;s to its shareholders.<\/p>\n<p>In a <strong><a href=\"https:\/\/senspdf.jse.co.za\/documents\/SENS_20180821_S403622.pdf\" target=\"_blank\" rel=\"noopener\">statement<\/a> <\/strong>released on Tuesday (21 August), the JSE said that Steinhoff was found to be in breach of the exchange&#8217;s listings requirements for failing to publish an announcement on SENS in respect of Moody\u2019s rating action of 7 December 2017 as well as for the late announcement of Moody\u2019s further rating action on 28 December 2017.<\/p>\n<p>&#8220;According to SIH, it was informed by Moody\u2019s of the publication of the rating downgrade on 8 December 2017 at 00h29 (SA time). SIH failed to publish an announcement on SENS on 8 December 2017 to inform stakeholders of Moody\u2019s rating action in accordance with the aforementioned listings requirement,&#8221; the JSE said.<\/p>\n<p>It added that Steinhoff\u00a0only published an announcement on\u00a0 SENS at 17h33 on 28 December, after market close on that day, to inform stakeholders of Moody\u2019s further rating action.<\/p>\n<p>&#8220;The JSE has decided to impose this public censure against the issuer as well as a fine in the amount of R1,000,000 in relation to the above mentioned breaches of the listings requirement,&#8221; it said.<\/p>\n<p>Furniture retailer Steinhoff plunged more than 90% in December after it said it couldn\u2019t release its financial results and was trying to figure out if there was a 6 billion-euro hole in the balance sheet.<\/p>\n<p>The company in July won support from creditors to restructure 9.4 billion euros of debt.<\/p>\n<hr \/>\n<p>Read<strong>: <a href=\"https:\/\/businesstech.co.za\/news\/business\/263877\/how-ex-steinhoff-ceo-markus-jooste-made-millions-by-dealing-in-cheap-stock\/\" target=\"_blank\" rel=\"noopener\">How ex-Steinhoff CEO Markus Jooste made millions by dealing in \u2018cheap\u2019 stock<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Johannesburg Stock Exchange (JSE) has hit Steinhoff with a R1 million fine after it failed to disclose credit downgrades by ratings agency Moody&#8217;s to its shareholders.<\/p>\n","protected":false},"author":10,"featured_media":255845,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,11059],"class_list":["post-266527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-steinhoff"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/266527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=266527"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/266527\/revisions"}],"predecessor-version":[{"id":266535,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/266527\/revisions\/266535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/255845"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=266527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=266527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=266527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}