JSE hits Steinhoff with R13.5 million fine
The Johannesburg Stock Exchange (JSE) has hit embattled retailer Steinhoff with a R13.5 million fine for breaching its listing requirements.
The stock exchange slapped the company with the penalty on Tuesday.
This comes after the troubled retailer admitted to accounting irregularities in December 2017 which led to a more than 95 percent decline in its share price.
The exchange says in a statement that the accuracy and reliability of financial information published by companies are of critical importance in ensuring a fair, efficient and transparent market.
Included in the total is a maximum of R7.5 million fine for publishing incorrect, false and misleading information in its previous financial statements.
The JSE says the fine and the public censure concludes its process in respect of the company as a juristic person.
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Steinhoff said in a statement it has noted the hefty fine imposed by the JSE.
“Steinhoff International Holdings N.V. notes today's announcement from the Johannesburg Stock Exchange ("JSE") informing the market that it has found Steinhoff and Steinhoff International Holdings Proprietary Limited ("SIHPL"), the former holding company that was previously listed on the JSE, to have been in breach of the JSE Listings Requirements in the period up to September 2016 and is imposing a public censure and fines totalling R13 500 000 on Steinhoff and SIHPL.”
The Stellenbosch-based company endured hefty losses and a stream of lawsuits since revealing holes in its accounts in December 2017.
