JSE hits Steinhoff with its highest fine ever for faulty financials
The JSE imposed a R7.5m fine for incorrect, false and misleading statements and a further R5m for failing to disclose an asset disposal
20 October 2020 - 12:04
Embattled retail group Steinhoff, shares of which have lost some 99% of their value over the past five years, has been fined R13.5m by the JSE, the largest ever imposed by the bourse after an investigation into breaches of listing requirements.
In what was one of SA’s biggest accounting scandals, Steinhoff was forced to restate a series of prior year results in May 2019, with the effects including that the profit of €1.4bn (R27bn) it reported for its 2016 year decreased to a loss of €237m...
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