The Financial Sector Conduct Authority (FSCA) will continue its efforts to recover the R475 million fine it imposed on former Steinhoff CEO Markus Jooste, even after his suicide on Tuesday, 19 March 2024.
As reported by IOL, alongside Jooste, Stephanus Grobler, another Steinhoff executive who was implicated and arrested, appeared before the Pretoria Commercial Crimes Court.
Also read: Arrest warrants issued for lead suspects in Steinhoff saga
The Congress of South African Trade Unions (COSATU), have also appealed to authorities to ensure justice will be enacted for victims that lost their pension funds by investing in Steinhoff all amid ‘the ongoing investigations into alleged fraud committed by the group’s executives’.
The FSCA has further stated that they will continue to ‘assist the Hawks and the National Prosecuting Authority (NPA)’ with any investigations they may have under way.
In addition, the R475 million penalty that was ‘imposed in Jooste’s personal capacity’ and could be recovered from his estate.
The fine was issued on Wednesday, 20 March 2024, after an investigation was conducted that involved Jooste and Dirk Schreiber, former Steinhoff finance chief, that uncovered how both intentionally ‘made or published false, misleading, or deceptive statements about Steinhoff International Holdings Ltd and Steinhoff International Holdings NV’.
In doing so, Jooste and Schreiber contravened the Financial Markets Act, and their actions resulted in Steinhoff International’s market cap decrease by 91% in December 2017.
The outcome resulted in billions of rand in losses for Steinhoff investors.
Schreiber, however, qualifies for a leniency agreement, as he cooperated in the investigation, as reported by Moneyweb.
Also read:
Former Steinhoff CEO Markus Jooste dies following R475 million fine
Picture: @Am_Blujay / X