The Financial Services Tribunal (FST) upheld the Johannesburg Stock Exchange’s (JSE) decision to impose a public reprimand and an R15 million penalty on disgraced former Steinhoff CEO Markus Jooste for failing to comply with the bourse’s listing requirements.
This recent ruling is another setback for Jooste, who is facing many court battles over his role in the accounting fraud discovered at the South African firm.
Jooste sought the tribunal in December last year to dispute the JSE’s decision to impose the penalty and restrict him from being a director of a publicly traded business for two decades.
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Both appeals were dismissed, with the FST validating the JSE’s choice of action against Jooste.
Jooste was fined R7.5 million by the JSE for Steinhoff’s release of erroneous and misleading financial accounts, as well as R7.5 million for Jooste’s violations of the JSE’s listing rules.
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.’
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.
