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Steinhoff receives R13.5m fine from JSE


Steinhoff receives R13.5m fine from JSE

Steinhoff receives R13.5m fine from JSE

The Steinhoff logo. Steinhoff’s share price has gone into precipitous decline following the disclosure of financial irregularities.

Steinhoff has received a fine from the Johannesburg Stock Exchange for going against its listing requirements.

The stock exchange handed a penalty worth R13.5 million to the company.

What was inclusive in the total was a maximum of R7.5 million fine for publishing incorrect, false, and misleading information in its previous financial statements.

Steinhoff’s share price has surpassed 98 percentage since December 2017, when its former CEO Markus Jooste tendered his resignation letter in the wake of an accounting scandal.

The next step that was taken was the reinstatement of its 2017 and 2018 financial results, which have since been completed, and class action suits in South Africa and Europe.

The JSE said the fine and the public censure finalised its process in view of the company as a juristic person.

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