LISTING REQUIREMENTS
Pepkor’s R5m fine sets a new JSE record
Any hope that retail group Pepkor had of shaking off the Steinhoff contagion were dashed on Monday when the JSE said it had levied its largest fine to date on the group for breaching a number of requirements when it listed out of Steinhoff in September 2017. The company, listed as Steinhoff Africa Retail (Star), changed its name back to Pepkor in August in the hope of distancing itself from its scandal-plagued holding company. Steinhoff is under investigation in SA, Germany and the Netherlands after accounting scandals came to light in December 2017, wiping about R200bn off its market value and prompting numerous shareholder lawsuits. On Monday, Pepkor CEO Leon Lourens said the prelisting statement had not been drawn up by just Star’s management. "A few parties, including the auditors, had oversight." News of the R5m fine, of which R1m is suspended for two years, overshadowed the release of what analysts described as a pedestrian set of results for the 12 months to September 30. Sal...
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