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FSCA fines Steinhoff R1.5bn

FSCA fines Steinhoff R1.5bn

The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R1.5 billion on Steinhoff under Section 81 of the FMA 2012 – the highest penalty to date issued by the authority. In a news release on its website, the FSCA said it noted Steinhoff’s current financial position and in order to avoid penalising innocent Steinhoff shareholders further, in recognition of the fraud perpetrated on the Steinhoff Group by former...

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