JSE slaps Steinhoff with R13.5m fine for breaching listing requirements
It's been around three years since the Steinhoff accounting scandal made international headlines.
The multinational company is headquartered in Stellenbosch.
Its share price has been in free fall since December 2017 when then-CEO Markus Jooste resigned as the scandal broke.
Steinhoff's 2017 and 2018 financial results were delayed as a result.
Now the Johannesburg Stock Exchange has censured Steinhoff for breaching its listing requirements
The R13.5 million fine includes an amount of R7.5 million imposed for previously publishing financial information which was "incorrect, false and misleading".
Current Steinhoff boss Louis du Preez noted that the fine relates to irregularities in the period up to 2016.
Steinhoff notes the JSE's decision, which relates to the period predating the discovery of accounting irregularities in December 2017. We are pleased that this concludes the JSE's process in respect of the Company.Louis du Preez, CEO and Management Board member - Steinhoff
On The Money Show, JSE CEO Dr Leila Fourie explains why it's been such a long process
The process is complicated and we need to make sure we don't mis-step procedurally and that our investigation is absolutely thorough. The Steinhoff investigation was complicated by cross-jurisdictional issues, many legal complications...Leila Fourie, CEO - Johannesburg Stock Exchange
Of course the criminal investigations are still underway and there is an enormous amount of work that goes on behind closed doors in any investigation and this does take time.Leila Fourie, CEO - Johannesburg Stock Exchange
The other point is that the results that were finally disclosed by the auditors only happened in 2019, so the results were restated and we are obviously dependent on those restatements.Leila Fourie, CEO - Johannesburg Stock Exchange
We have collaborated and worked with multiple regulators and all of our investigations are confidential.Leila Fourie, CEO - Johannesburg Stock Exchange
For more detail, listen to Fourie in conversation with Bruce Whitfield:
Source : Cindy Archillies/EWN
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