Markus Jooste hit with R475 million FSCA fine 

Markus Jooste

The Financial Sector Conduct Authority (FSCA) has instituted a R475 million penalty on Markus Jooste as part of an ongoing investigation into his conduct while working for Steinhoff International.

This was revealed by FSCA Commissioner Unathi Kamlana at a media roundtable on Wednesday.

The FSCA found on 19 March 2024 that Jooste – Steinhoff International’s former CEO – and Dirk Schreiber – Steinhoff Europe’s former CFO – contravened the Financial Markets Act.

This was during the period of 2014 to 2016, and Jooste also contravened the relevant sections for the 2017 half-year. Steinhoff’s securities were listed on the JSE and the Frankfurt Stock Exchange during this period.

Kamlana said Jooste and Schreiber made and published false, misleading, and deceptive statements about Steinhoff International Holdings Limited and Steinhoff International Holdings NV, including the omission of material facts.

Jooste received an administrative penalty of R475 million – including R10 million in investigative costs – payable in 30 days from 19 March 2024.

However, the FSCA entered into a leniency agreement with Schrieber due to his cooperation with the investigations and did not impose a penalty on him.

The FSCA’s investigation found that Jooste and Schreiber knowingly made false, deceptive and misleading claims about Steinhoff’s financial position.

Kamlana said that Jooste and Schreiber failed to provide useful information for investors, thereby concealing Steinhoff’s true financial position, which was of particular importance for the FSCA.

When setting the penalty fine, the FSCA considered the egregious nature of this behaviour, as well as the duration and seriousness of the conduct.

Kamlana said investors based their assessments of Steinhoff’s financial prospects on this false, incomplete, and misleading information, which resulted in material losses for investors and pension funds.

“This type of behaviour is wholly unacceptable, especially for experienced executives,” Kamlana said.

He said the behaviour was self-serving and dishonest and negatively affected the reputation and transparency of our financial markets.

The FSCA also considered the financial benefit to Jooste that his behaviour resulted in and the effect his conduct had on South Africa’s financial system and stability.

The FSCA also announced that it will open up a case with the Hawks regarding this matter.


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