JSE fines Jooste R7.5m, bans him for 20 years

JOHANNESBURG - Disgraced former Steinhoff CEO, Markus Jooste has been fined R7.5 million by the Johannesburg Stock Exchange.

He has been banned from serving as a director of a listed company for 20 years.

The JSE found that Jooste’s actions and failure to comply with the Listings Requirements were one of the causes of the publication of Steinhoff's 2016 financial statements, which were cooked.

This includes its statement of its financial position as of 1 July 2015, which was later revealed to be false.

The JSE says Jooste was the highest-ranking executive in the company and had the ultimate responsibility for the decisions and actions of management.

It is highlighted that he should have known that due to the numerous accounting irregularities, Steinhoff’s previously published financial information failed to comply with International Financial Reporting Standards, and was incorrect, false and misleading in material respects.

Disgraced former Steinhoff CEO, Markus Jooste has been fined R7.5 million by the Johannesburg Stock Exchange. He has been banned from serving as a director of a listed company for 20 years. #SouthAfricanMorning #DStv403 pic.twitter.com/SG5FSvi8W0

— eNCA (@eNCA) January 11, 2023