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Former Steinhoff CEO Fined for Misleading Financial Statements

Eriki Joan UgunushebyEriki Joan Ugunushe
March 20, 2024
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Former Steinhoff CEO Fined for Misleading Financial Statements
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Markus Jooste, the former head of retail giant Steinhoff, has been hit with a hefty fine for his role in a major accounting scandal that shook the company. South Africa’s financial watchdog, the Financial Sector Conduct Authority (FSCA), ordered Jooste to pay 475 million rand (roughly $25 million) after an investigation found he published false and misleading financial statements.

This news comes after Steinhoff revealed problems with its accounts in late 2017. The discovery of these issues sparked a wave of lawsuits and caused the company’s value to plummet. Steinhoff, which owns discount retailer Pepkor in South Africa, narrowly avoided bankruptcy last year by restructuring its debt.

The FSCA’s investigation determined that Jooste, along with Steinhoff’s former European finance chief, Dirk Schreiber, made or approved financial statements they knew (or should have known) were inaccurate. This included withholding important information from shareholders.

Former Steinhoff CEO Fined for Misleading Financial Statements

The penalty applies only to Jooste. While Schreiber was also found to have broken financial regulations regarding Steinhoff’s financial reports from 2014 to 2017, the FSCA acknowledged his cooperation with the investigation and opted not to fine him.

Jooste has 30 days to pay the fine, which includes 10 million rand to cover the FSCA’s investigation costs. This case serves as a stark reminder of the consequences companies and executives face when they mislead investors and the public.

Tags: federal characterFinanceForeign NewsFormer Steinhoff CEO Fined for Misleading Financial StatementsNews
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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