JSE to Slap Ex-Steinhoff CEO Markus Jooste With R15M Fine for Violating Listing Rules and Other Charges

• The disgraced former CEO of Steinhoff, Markus Jooste, is facing a hefty fine from the Johannesburg Stock Exchange
• South African main exchange is planning to slap Jooste with a R15 million fine which will make him the second executive punished
• The JSE has also barred Jooste from holding a position in a listed company for the next 20 years

JOHANNESBURG - The Johannesburg Stock Exchange wants to issue the former CEO of Steinhoff with a R15 million fine for violating its listing rules and submitting untruthful financial statements.

The R15 million fine comes five years after Steinhoff lost 98% of its market value due to auditors' refusal to sign off on financial statements in December 2017.

The holding company was implicated in the nation's largest case of fraud after forensic investigators from PwC reported that, Steinhoff recorded R118.6 billion in false or irregular income between 2009 and 2016.

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According to Sunday Times, Jooste approached the Financial Services Tribunal on 14 December 2022 in a bid to have the JSE's decision rubbished, however, the tribunal dismissed the embattled former CEO's application.

The JSE, which also barred Jooste from being at the helm of a listed company for the next 20 years, said it would continue to challenge the ex-CEO's reassessment application, Bloomberg reported.

Jooste is the second Steinhoff director to be fined after the company's former CFO Ben la Grange was fined R 2 million.

South Africans react to the JSE's plan to fine Markus Jooste

@nobungwa asked:

"What was the fine in Europe?"

@Thabo_Vuyoo43 commented:

"Did he fail to pay the bribe? After so long and this YT man needs to be behind bars."

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@sekgari demanded:

"He should be locked up, he is a fraudster!"

@Phira227573 questioned:

"Why did it take soo long?"

Former Steinhoff CEO Jooste’s Lanzerc wine estate, luxury cars and billions in assets seized by Reserve Bank

In a related story, Briefly News reported that the South African Reserve Bank (SARB) went after former Steinhoff CEO Markus Jooste's billion rand assets portfolio.

The assets seizure came after the Western Cape High Court granted the SARB an urgent ex parte order allowing for the attachment of assets with realisable value.

According to Daily Maverick, Jooste is accused of money laundering at the global holding company, Steinhoff International, with SARB linking the former CEO to R4.8 billion worth of contraventions of the Exchange Control Regulations.

Source: Briefly News