South Africa: Markus Jooste Must Pay R15m Immediately for Steinhoff Implosion, JSE Demands

https://www.canva.com/policies/ai-product-terms/
AI-generated image of Markus Jooste, former Steinhoff CEO.
11 October 2023
Daily Maverick (Johannesburg)
By Ray Mahlaka

The sanction against Jooste comes days before Steinhoff is set to be delisted from the JSE and Frankfurt Stock Exchange on Friday, 13 October. The ownership of Steinhoff will move from public investors to its lenders.

The JSE has demanded that former Steinhoff CEO Markus Jooste immediately pay two maximum fines each of R7.5-million, totalling R15-million, for breaching the stock exchange's listing requirements. In addition to the fines, Jooste is barred from being a director of any listed entity for 20 years.

These sanctions were imposed by the JSE in January, and Jooste appealed at the Financial Services Tribunal for them to be overturned. The Financial Services Tribunal is an independent body that reviews decisions in the financial services sector.

But on Tuesday, 10 October, Jooste lost his appeal efforts, resulting in the JSE's sanctions against him remaining in place and being immediately enforceable.

"Mr Jooste is immediately liable for the payment of the financial penalties imposed and disqualified from holding the office of a director or officer of a listed company for a period of 20 years," the JSE said on Wednesday.

The sanctions against Jooste come days before Steinhoff is set to be delisted from the JSE and Frankfurt Stock Exchange on Friday, 13 October. The liquidators of Steinhoff have set the date for the retailer to move from being a publicly listed and owned company to a privately owned one. Ownership of Steinhoff...

Read the full story on Daily Maverick.

Tagged:
Copyright © 2023 Daily Maverick. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.