JSE reprimands Steinhoff director for 10-month-old share trades
THE JSE publicly censured Steinhoff International director Thierry Guibert on Friday for failing timeously to disclose R20.6m in share disposals.The trades, made in two transactions in April last year, came to the attention of the furniture conglomerate’s company secretary only five months later.That was a breach of JSE listing rules requiring directors to obtain clearance before buying or selling shares in companies they lead.When disclosing Mr Guibert’s trades in September last year, Steinhoff blamed the nonexecutive director’s failure to obtain clearance on a "misunderstanding and oversight between the directors and the relevant bank which administers the shares in Europe".A Steinhoff representative who asked not to be named, as the matter was between Mr Guibert and the JSE, said on Sunday Mr Guibert had changed roles. He was former CEO of Conforama, a company Steinhoff acquired in 2011."In terms of the JSE rules, all director dealings have to be announced within certain time fra...
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