Ann Crotty Writer-at-large

Troubled retail group Steinhoff secured a massive discount on the R1.5bn fine levied by the financial markets regulator because of its fragile financial condition and co-operation with the investigators.

The group was forced to pay R53m, which is the highest fine issued by the Financial Sector Conduct Authority (FSCA) for providing false and misleading information to the market, said Bradon Topham, divisional executive, investigation and enforcement at the FSCA.

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