Streaming issues? Report here
Aubrey Masango 2019 BW
The Aubrey Masango Show
20:00 - 23:59
volume_up
volume_mute

The Aubrey Masango Show
20:00 - 23:59
Home
arrow_forward
Business

Steinhoff's R53 million penalty is still the highest paid fine in SA - FSCA

12 September 2019 6:33 PM
Tags:
Steinhoff
steinhoff fine
The company which was initially slapped with a R1.5 billion fine is now required to pay R53 million.

The Financial Sector Conduct Authority (FSCA) says a 'discount' on a R 1.5 billion fine issued to Steinhoff is because of the affordability of the fine to the company.

The company has been accused of misrepresenting its finances to the market.

Steinhoff has been let off most of the fine and is now required to pay a R53 million penalty with the FCSA noting the retailer's current financial status and co-operation with authorities.

FSCA divisional executive for investigations and enforcement Brandon Topham explains.

If you look at the financial statements you will see that it is actually insolvent and there is just no way it would have been able to pay a fine of R1.5 billion.

Brandon Topham, Divisional executive for investigations and enforcement - FSCA

Then we also had to consider the fact that the people that would be ultimately paying the fine are the shareholders, who have already lost 98 percent or more of their investment. So it is almost like a double whammy.

Brandon Topham, Divisional executive for investigations and enforcement - FSCA

But at the same time we have to remember that it is important for us to deter this type of negligent behaviour on the part of entities and we can't just let them off completely. So even the R53 million will be the highest fine paid in South Africa.

Brandon Topham, Divisional executive for investigations and enforcement - FSCA
Steinhoff's offices in Stellenbosch. Picture: Supplied.

Bare in mind that the company itself didn't do this, so the perpetrators behind the actual misrepresentation, they are still on our radar and we are busy with investigations into that.

Brandon Topham, Divisional executive for investigations and enforcement - FSCA

Click on the link below to hear the full interview...

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Steinhoff's R53 million penalty is still the highest paid fine in SA - FSCA


12 September 2019 6:33 PM
Tags:
Steinhoff
steinhoff fine

More from Business

Karatbars

Karatbars – is it a scam? The case for and against…

15 November 2019 10:06 AM

Bruce Whitfield interviews senior Karatbars representatives, a financial advisor and someone who was invited to its conference.

Share this:
Read More arrow_forward

The Duchess gin tonic

The Duchess - the story behind the world’s first non-alcoholic gin & tonic

14 November 2019 12:08 PM

Launched in 2016, The Duchess has won numerous awards and successfully broke into the UK, Belgium and the Scandinavian countries.

Share this:
Read More arrow_forward

Phone

Can’t find your phone? Drop everything – thieves can get into your banking app!

14 November 2019 10:55 AM

Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.

Share this:
Read More arrow_forward

SAA

'Unions are making a mistake. SAA is dying. It’s not Eskom – we don’t need it'

14 November 2019 9:02 AM

SAA is on its knees, cap in hand, asking taxpayers for R2 billion this month. Unions must be careful, warns Guy Leitch (SA Flyer).

Share this:
Read More arrow_forward

saa over table mountain.jpg

SAA: Only obliged to inform unions of retrenchments via letter, which we did

14 November 2019 8:07 AM

SAA acting CFO Deon Fredericks says arrangements will be made for customers affected by cancelled flights due to strike.

Share this:
Read More arrow_forward

TikTok logo

TikTok - the best free interactive social video creator

13 November 2019 7:15 PM

Just because it is free does not mean there is no cost though

Share this:
Read More arrow_forward

saa-flightjpg

'SAA might be meeting with unions again in next 24 hours'

13 November 2019 6:48 PM

EWN's Babalo Ndenze reports on SAA management's appearance before Parliament’s Standing Committee on Public Accounts.

Share this:
Read More arrow_forward

191112-akinwumi-adesina-edjpg

Africa Investment Forum secures deals worth $40.1bn

13 November 2019 5:02 PM

There were 56 boardroom deals valued at $67.6 billion tabled - a 44% increase from last year.

Share this:
Read More arrow_forward

180123anoj-singh3jpg

Former Eskom CFO Anoj Singh a no-show at Saica disciplinary hearing

13 November 2019 1:41 PM

Singh faces 18 charges of misconduct at SOE's Eskom and Transnet. EWN's Theto Mahlakoana reports from the Saica hearing.

Share this:
Read More arrow_forward

190423-amcu-members-edjpg

Amcu postpones signing of wage deals with platinum producers

13 November 2019 12:57 PM

Mining MX contributor Ed Stoddard says the union has said via social media that they are still ironing some issues.

Share this:
Read More arrow_forward