JOHANNESBURG - The fallout continues after one of South Africa’s biggest corporate scandals.
Today the Financial Sector Conduct Authority or FSCA said it has fined former Steinhoff CEO Markus Jooste nearly half a billion rand. It says the fine or R475 million relates to his publishing of false and misleading financial statements.
Jooste resigned from Steinhoff that was then considered to be a retail giant in December 2017.
Just before auditors flagged irregularities in Steinhoff accounts and in the days after the shareprice all but collapsed. Steinhoof owns Pepkor and was listed in German and Johannesburg.
Jooste has again been accused of accounting fraud with the regulator saying he and the company’s European financial boss, Dirk Shreiber, published statements that they knew or ought to have known were false, misleading or deceptive.
Commissioner from the Financial Sector Conduct Authority, Unathi Kamlana spoke to the eNCA.