FSCA fines Markus Jooste R123m for insider trading
The Financial Sector Conduct Authority (FSCA) has fined former Steinhoff CEO Markus Jooste and three others R241 million for insider trading breaches.
This was confirmed in a statement by the FSCA on Friday morning.
The FSCA has imposed an administrative penalty of some R161 000 on Jooste.
However, he is solely liable for R123 million out of the R162 million.
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According to the statement, Jooste breached various sections of the Financial Markets Act, which prohibits an insider from disclosing inside information or encouraging or discouraging another person to deal in securities relating to theinside information.
The FSCA found that Jooste sent a warning SMS in which he encouraged four people to sell their Steinhoff shares.
Three acted on the message and sold.
FSCA fines Markus Jooste R123m for insider trading by sibahle motha on Scribd
