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The Johannesburg Stock Exchange (JSE) said on Tuesday it would fine Steinhoff International, affected by the scandal, R 13.5 million for violating listing requirements, including publishing false and misleading information.
Steinhoff has endured heavy losses and a series of lawsuits since revealing holes in his accounts in December 2017, the first sign of a fraud estimated at $ 7 billion and from which he is still struggling to recover.
The JSE said that the company’s financial reports during 2016, 2015 and some previous financial periods did not comply with international financial reporting standards and were “incorrect, false and misleading in material respects.”
As a result, he continued, Steinhoff had breached the listing requirements and would impose three fines, of 1 million rand, 5 million rand and 7.5 million rand respectively, for individual infringements, as well as “public censure”.
“The accuracy and reliability of the financial information published by the companies are of critical importance to guarantee a fair, efficient and transparent market,” the JSE said in a statement.
Steinhoff CEO Louis du Preez said the company took note of the JSE’s decision, which relates to the period before the discovery of accounting regularities.
“We are pleased that this concludes the JSE process regarding the company,” he said in a statement.
The JSE added that an investigation is underway into the conduct of the company’s people, who are also bound by the listing requirements.
