By Zuko Komisa
Johannesburg Stock Exchange fines Markus Jooste R7.5m, with a 20-year ban.
Markus Jooste would be subject to two R7.5 million fines, the Johannesburg Stock Exchange (JSE) announced on Tuesday, for his mistakes and “transgressions” at Steinhoff.
Jooste will also still face a 20-year ban from being a director, according to the JSE.
The JSE statement claims that Jooste has contested their findings and disagrees with their judgments.
His legal troubles are still not over, as a lawsuit against two former Steinhoff executives who are currently living in Germany is scheduled to start on May 3.
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Jooste is also scheduled to go on trial in Germany in 2023 on charges of accounting fraud brought against him by German authorities.
“For these reasons, the JSE has decided to impose a public censure and the maximum permissible fine of R7 500 000 for Steinhoff’s consolidated financial statements for the 2015 which did not comply with IFS and the Listings Requirements and was incorrect, false and misleading in material aspects.”
“A public censure and the maximum permissible fine of R7 500 000 for Mr Jooste’s breaches of the Listings Requirements in respect of the Steinhoff at Work Transaction; and immediate disqualification from holding the office of a director or officer of a listed company for a period of 20 years for failing to fulfil his duties and responsibilities as the Chief Executive Officer with the necessary due care and skill,” the JSE said.
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