Pepkor fine: we'll take it on the chin, asserts CEO
Lourens says company needs to move on from Steinhoff scandal
A penalty imposed on Pepkor by the JSE demonstrates the dark cloud still hanging over the group as it tries to sever ties with its embattled parent company, Steinhoff International. Pepkor CEO Leon Lourens said in an interview with Business Times this week: "Our approach was, let's just get it over and done with. If we did transgress . or break some of the rules of the JSE in listing, then we'll take it on the chin. We just want to move on. It's part of history but we have to move on." On Monday, the bourse fined Pepkor R5m - with R1m suspended for two years - after it found Pepkor was in breach of listing requirements. The group, which owns retail brands such as Ackermans, Pep and Russells, failed to disclose to shareholders historical financial information and that it held guarantees of Steinhoff debt amounting to R15bn. "Although I wasn't so directly involved at the time, I can tell you it was inadvertently done. It was disclosed, but it wasn't adequately disclosed, as the JSE po...
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