{"id":762087,"date":"2024-03-20T13:20:01","date_gmt":"2024-03-20T11:20:01","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=762087"},"modified":"2024-03-20T13:27:40","modified_gmt":"2024-03-20T11:27:40","slug":"ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/762087\/ex-steinhoff-ceo-markus-jooste-slapped-with-r475-million-fine\/","title":{"rendered":"Ex-Steinhoff CEO Markus Jooste slapped with R475 million fine"},"content":{"rendered":"\n<p>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\n\n\n<p>As reported by <a href=\"https:\/\/dailyinvestor.com\/business\/47453\/markus-jooste-hit-with-r475-million-fsca-fine\/\" target=\"_blank\" rel=\"noreferrer noopener\">Daily Investor<\/a>, FSCA Commissioner Unathi Kamlana said that Jooste would be penalized for publishing fraudulent statements about Steinhoff International &#8211; which was listed on the JSE and the Frankfurt Stock Exchange. <\/p>\n\n\n\n<p>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\n\n\n<p>Kamlana said that Jooste and Schreiber failed to deliver valuable information to investors, which concealed Steinhoff\u2019s true financial position. <\/p>\n\n\n\n<p>&#8220;False operating profits were disguised as receivable which were, in fact, not recoverable,&#8221; the FSCA said. <\/p>\n\n\n\n<p>&#8220;The false irrecoverable assets, reflected as cash and cash equivalents in the financial results, meant that the corresponding equity of Steinhoff International was overstated.&#8221; <\/p>\n\n\n\n<p>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\n\n\n<p>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\n\n\n<p>In arriving at this substantial amount, the FSCA considered the to deter similar behaviour in the market, the losses experienced by the market, Jooste&#8217;s level of cooperation during the investigation, the commercial benefit to Jooste and more. <\/p>\n\n\n\n<p>The FSCA also said that it will open a case with the Hawks in regard to the matter. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/business\/761549\/r37-million-payout-for-south-africas-richest-man\/\">R37 million payout for South Africa\u2019s richest man<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former CEO of Steinhoff International Markus Jooste has been fined by the FSCA for publishing misleading company statements. <\/p>\n","protected":false},"author":10,"featured_media":649927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[853,19625],"class_list":["post-762087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-south-africa","tag-the-financial-sector-conduct-authority-fsca"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/762087","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=762087"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/762087\/revisions"}],"predecessor-version":[{"id":762119,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/762087\/revisions\/762119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/649927"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=762087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=762087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=762087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}