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FSCA slaps Steinhoff with record R1.5bn fine, expected to pay R53m after reprieve | IOL Business Report

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Shareholders in Steinhoff International can breathe a sigh of relief after the embattled retailer was ordered to pay a reduced fine of R53 million by the FSCA for accounting regularities at the company in December 2017. busrep

CAPE TOWN – Shareholders in Steinhoff International can breathe a sigh of relief after the embattled retailer was ordered to pay a reduced fine of R53 million by the Financial Sector Conduct Authority for accounting regularities at the company in December 2017.

The company on Thursday was slapped with a record R1.5 billion fine, but due to mitigating factors and the "financial reality of the group" granted the company a reprieve from paying the full amount. The FSCA said that events subsequent to December 2017 had highlighted the gap that existed between the Steinhoff Group’s prior public statements and the financial reality. The size of the headline penalty reflects the scale and severity of the regulatory breach. While, in light of Steinhoff’s current financial position, we have made the decision to remit a substantial proportion of the penalty, even after this reduction it remains the largest single fine ever imposed by the FSCA.

 

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