[ad_1]
Markus Jooste in Parliament in 2018 (Getty)
The Johannesburg Stock Exchange has fined retailer Steinhoff a total of R13.5 million for failing to meet its listing requirements.
This includes a maximum possible penalty of R7.5 million for publishing “incorrect, false and misleading” information in your previous financial statements.
“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 note.
“Therefore, the company and its directors are obliged at all relevant times to ensure that all information and financial reports published are, in all material respects, accurate and correct. In addition, the investing public relies on the information financial statement of a company to make important investment decisions. “
The Stellenbosch-based multinational’s share price has plummeted more than 98% since December 2017, when its former CEO Markus Jooste abruptly resigned at the start of a complex accounting scandal. This led to the delay and restatement of its 2017 and 2018 financial results, which have since been finalized, as well as a large number of class action lawsuits in South Africa and Europe.
The JSE said that the fine and public censorship conclude its process with respect to the company as a legal person. But his investigation into the conduct of the people who presided over the company is ongoing.
Louis du Preez, Steinhoff CEO, said: “Steinhoff takes note of the JSE’s decision, which relates to the period prior to the discovery of accounting irregularities in December 2017. We are pleased that this concludes the JSE process with regarding the company “
