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

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.

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

BUSINESS MAVERICK ANALYSIS: Emerging markets given a reprieve ahead of central bank meetingsEmerging markets, including South Africa, have been lifted by the tentative return of risk appetite to global financial markets. But much will depend on developed market central bank monetary policy moves over the next couple of weeks. With expectations high, they have a lot to deliver if they don’t want to disappoint.
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

MTN Group announces new leadership | IOL Business ReportThe MTN group on Tuesday announced that current Zambia chief executive Phillip van Dalsen will be leaving the company at the end of September.
مصدر: IOL - 🏆 46. / 51 اقرأ أكثر »