ANALYSIS: Jooste hit with R122m fine for warning ex-Springbok prop, chauffeur to sell Steinhoff
The regulator says the ‘warning SMS’ Jooste sent to his confidantes urging them to sell their Steinhoff shares may just be the most expensive SMS ever sent in SA
30 October 2020 - 11:15
It’s nearly three years later, but Markus Jooste, flagged as the mastermind behind SA’s largest fraud, is finally facing some sort of reckoning. In this case it’s for tipping off his inner circle to sell Steinhoff shares before the retailer cratered in December 2017.
On Friday the Financial Sector Conduct Authority’s Brandon Topham revealed that Jooste would be liable for a penalty of R122m -and potentially as much as R161m -for insider trading, under the Financial Markets Act...
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