The Financial Sector Conduct Authority has issued a revised penalty of R20.5 million against Jooste, down from the R162 million announced in October 2020, it said in a statement Wednesday. The new fine is payable by 6 January.
The first amount was set aside by a tribunal a year ago after it determined that while Jooste disclosed inside information to others, the warning he messaged to four people to encourage them to sell their Steinhoff shares ahead of a 2017 collapse was vague and imprecise. As a result, it said he only breached one section of the Financial Markets Act, not two.
The ex-CEO’s lawyer, Callie Albertyn, said his client declined to comment on the fine and whether a further appeal is being considered. Jooste is among four people who will go on trial in Germany next year on charges of accounting fraud related to Steinhoff, which came close to collapse after auditors refused to sign off on company financials five years ago.
He’s alleged to be the architect of the scandal that engulfed the retailer. It’s the first time Jooste is set to go on trial.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month.
_Business Revise the legal handbook. This is nonsense
_Business A privileged thief
_Business Mafioso styles in your face suckers That's every citizen we're all suckers
_Business The Board wasn't charged with compliance that should say alot inflation didnt exist until 2017 elections
_Business Markus Jooste was doing his job protecting the interests of shareholders and consumer and pensioners to sad that government had to lie about him HE IS ONE OF MY ROLE MODELS
_Business He’s one of their own.
_Business Europeans in SA are above the law
_Business If he's adversely affected myself or my family firstly or secondly, South Africa, then hang the bastard or maybe just life imprisonment after recouping the stolen money.
_Business A combination of whyte and capital privilege deliver this type of verdict. What a shame to South Africa. The rot thickens😭😭
_Business I'd take a look to see if Markus placed any orders for multiple couches with Weyland's or Incanda recently.
_Business Lol whats new🙄🙄🙄
_Business Seriously
_Business
_Business In SA there’s something call, “cold drink” I’ll leave it here
_Business Hope German authorities get this man