Steinhoff receives record FSCA fine
The Financial Sector Conduct Authority has levied its largest fine to date against the retailer, which will only need to pay R53m of it
Embattled Steinhoff International's share price fell below R1 for the first time in almost a month on Thursday, after the Financial Sector Conduct Authority (FSCA) slapped it with record R1.5bn fine for misrepresenting its finances to the market.
Steinhoff will only need to pay R53m of the fine, with the FCSA noting the retailer's current financial position and co-operation with authorities. The substantial remittance would also avoid penalising innocent shareholders further, Steinhoff said.