South Africa
#Steinhoff: FSCA fines Markus Jooste─── 18:00 Fri, 30 Oct 2020
Former Steinhoff CEO Markus Jooste was fined R161 million by the Financial Sector Conduct Authority for insider trading prior to its share collapse on November 30, 2017.
Although Jooste, who departed days after the sell off, did not directly benefit from this knowledge, his warning four friends via a text message of the issues the company was going through led to them acting on information other shareholders did not have access to.
The FSCA’s penalty is one of the largest imposed on an individual.
Aside from the fine against Jooste, there was also a fine against Ocsan Investment Enterprises, a company that was controlled by a long-time acquaintance of Jooste, the late Ockie Oosthuizen. Oosthuizen had instructed Ocsan’s sale of Steinhoff shares on November 30, 2017 following receipt of Jooste’s warning.
Jooste’s acquaintance Dr Gerhardus Diedericks Burger was fined R3 million and Jooste’s chauffer at the time, Marthinus Swiegelaar, was fined R18 000 for acting on the warning to them.
Moneyweb
