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JUST IN:FSCA imposes R122 million rand fine on Markus Jooste. This is for sending a message to Mr Du Toit giving him inside information regarding #Steinhoff in 2017. Jooste has not been found to trade any share. FSCA the sms that was sent was probably the most expensive sms’ sent
The FSCA is imposing fines to the value of R222 million. Markus Jooste is liable for a minimum of R122 million and maximum of R161 million. #Steinhoff
The penalty of R161 million imposed on Jooste includes a multiple of 3 times the losses avoided due to the transactions executed by the recipients of the warning SMS plus the amounts discussed further and several liability with 2 recipients of the SMS. #Steinhoff
FSCA says it’s still applying its mind on whether it will open a criminal case against Markus Jooste. But the probability of Jooste being charged is much higher and he has a lot to answer. There is a case to be answered with Jooste, says the FSCA. #Steinhoff
FSCA it’s NOT done with my investigations on #Steinhoff. It’s looking at the
Financial Markets Act, misrepresenting financials. Inside trading. 85% of this investigation is concluded. Last area is looking at people behind the misrepresentation.
Financial Markets Act, misrepresenting financials. Inside trading. 85% of this investigation is concluded. Last area is looking at people behind the misrepresentation.
FSCA says it’s guideline is by April next year it will like to conclude the majority of the matters against the key directors and officials that were knowingly part of the transactions of the misrepresentations. More administrative penalties are coming. #Steinhoff
FSCA says it’s investigation has taken a while as this is a very sensitive matter and there is a lot at play. But investigations are concluding. #Steinhoff
