Steinhoff slapped with R53m fine

The Steinhoff logo.

The Steinhoff logo.

African News Agency

JOHANNESBURG - The Financial Sector Conduct Authority is fining Steinhoff R53-million for making "false, misleading or deceptive statements" to the market.

The fine comes after Steinhoff revealed accounting fraud in December 2017 that shocked investors and wiped more than R200-billion off its stock market value.

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The company said the penalty would have been R1.5-billion, but was reduced because former employees perpetrated the fraud, and that the company had cooperated with regulators.