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FSCA fines Markus Jooste for insider trading breaches

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Steinhoff executives responsible for fraud have been named

The FSCA has confirmed that Markus Jooste has been issued with a multi-million-rand fine for insider trading breaches, which relate to an incident that occurred in late 2017.

The Financial Sector Conduct Authority (FSCA) took to Twitter on Friday, 30 October 2020, to share the confirmation statement that former Chief Executive Officer (CEO) of Steinhoff International Holdings NV, Markus Jooste has been fined for insider trading.

This relates to a 2017 incident in which Jooste reportedly advised four people close to him to sell their Steinhoff shares because of information he was privy to.

Three of the associates he had warned acted on the advice, thus implicating themselves in the process. The FSCA slapped Jooste and his associates with a multi-million-rand fine, of which Jooste is to pay the bulk of.

According to the statement, “Effectively, Mr Jooste is solely liable for R122 927 366 out of the R161 568 068.” Two of his associates are liable for the balance.

See the post below.

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