FSCA fines Markus Jooste nearly R123mn

Former Steinhoff CEO, Markus Jooste, is fined for warning his friends of the imminent crash of the company's shares. Heidi Giokos is following this story for us. Courtesy #DStv403

JOHANNESBURG - Former Steinhoff CEO Markus Jooste has been fined nearly R123-million for trading breaches.

Three others were also fined by the Financial Sector Conduct Authority for similar offences.

READ: Accounting body suspends Jooste

The FSCA probed the spectacular crash of Steinhoff shares in 2017.

In what could be the most expensive SMS ever sent, Jooste sent a text warning people close to him to dispose of their shares.

Three acted on the message and sold.