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JSE slaps Steinhoff with R13.5m fine for breaching listing requirements

20 October 2020 6:33 PM
Tags:
Steinhoff
JSE
The Money Show
Johannesburg Stock Exchange
Bruce Whitfield
markus jooste
Steinhoff scandal
leila fourie
JSE fine
listing requirements

The maximum penalty was imposed on the scandal-hit company, while criminal investigations are ongoing says JSE CEO Leila Fourie.

It's been around three years since the Steinhoff accounting scandal made international headlines.

The multinational company is headquartered in Stellenbosch.

Its share price has been in free fall since December 2017 when then-CEO Markus Jooste resigned as the scandal broke.

RELATED: [LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

Steinhoff's 2017 and 2018 financial results were delayed as a result.

Now the Johannesburg Stock Exchange has censured Steinhoff for breaching its listing requirements

Former Steinhoff chief executive officer Markus Jooste in Parliament on 5 September 2018. Picture: EWN

The R13.5 million fine includes an amount of R7.5 million imposed for previously publishing financial information which was "incorrect, false and misleading".

Current Steinhoff boss Louis du Preez noted that the fine relates to irregularities in the period up to 2016.

Steinhoff notes the JSE's decision, which relates to the period predating the discovery of accounting irregularities in December 2017. We are pleased that this concludes the JSE's process in respect of the Company.

Louis du Preez, CEO and Management Board member - Steinhoff

On The Money Show, JSE CEO Dr Leila Fourie explains why it's been such a long process

The process is complicated and we need to make sure we don't mis-step procedurally and that our investigation is absolutely thorough. The Steinhoff investigation was complicated by cross-jurisdictional issues, many legal complications...

Leila Fourie, CEO - Johannesburg Stock Exchange

Of course the criminal investigations are still underway and there is an enormous amount of work that goes on behind closed doors in any investigation and this does take time.

Leila Fourie, CEO - Johannesburg Stock Exchange

The other point is that the results that were finally disclosed by the auditors only happened in 2019, so the results were restated and we are obviously dependent on those restatements.

Leila Fourie, CEO - Johannesburg Stock Exchange

We have collaborated and worked with multiple regulators and all of our investigations are confidential.

Leila Fourie, CEO - Johannesburg Stock Exchange

For more detail, listen to Fourie in conversation with Bruce Whitfield:


This article first appeared on 702 : JSE slaps Steinhoff with R13.5m fine for breaching listing requirements




20 October 2020 6:33 PM
Tags:
Steinhoff
JSE
The Money Show
Johannesburg Stock Exchange
Bruce Whitfield
markus jooste
Steinhoff scandal
leila fourie
JSE fine
listing requirements

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