JSE’s censure and R15m fine against Jooste stands

The Financial Services Tribunal (FST) has upheld the Johannesburg Stock Exchange (JSE) decision to impose a public censure and R15 million penalty against disgraced former Steinhoff CEO Markus Jooste for his failure to adhere to the bourse’s listing requirements.

This latest decision deals yet another blow to Jooste, who faces several legal battles relating to his role in the accounting fraud uncovered at the South African firm.

Jooste, in December last year, approached the tribunal to appeal the JSE’s decision to impose the penalty and bar him from being a director of a publicly traded company for two decades. Both appeals were dismissed, with the FST validating the JSE’s choice of action against Jooste.

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The JSE fined Jooste R7.5 million for Steinhoff’s publication of incorrect and misleading financial statements and another R7.5 million for Jooste’s breaches of the JSE’s listing requirements. The JSE also disqualified Jooste from being a director of a listed company for 20 years.

“On 10 October 2023, the FST dismissed the Reconsideration Application, affirming the validity and enforceability of the censure and financial penalties imposed on Mr Jooste by the JSE,” the Sens statement reads.

“In the circumstances, the JSE’s decisions to impose a public censure and financial penalties against Mr Jooste for contraventions of the JSE Listings Requirements remain binding and fully enforceable.”

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The statement confirms that Jooste must pay the R15 million immediately and that he cannot be a director for 20 years.

On Friday, Steinhoff will reach the end of its life as it is set to be liquidated and delisted from the JSE and the Frankfurt Stock Exchange in Germany.

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This article is republished from Moneyweb with permission. Read the original article here.