Steinhoff, former CFO fined R2 million by the JSE
The Johannesburg Stock Exchange (JSE) has fined Steinhoff and former chief financial officer (CFO) Ben La Grange a total of R2 million.
La Grange has been found guilty of failing to fulfill his duties and responsibilities with due care and skill.
He has also been prevented from acting as a company director for 10 years.
La Grange, who served as CFO under the group's former head Markus Jooste, illegally processed a handwritten invoice for R376 million handed to him by Jooste in 2016.
The JSE found that there was no actual transaction or any legitimate commercial reason for the invoice.
The transaction was found to be fictitious.
Le Grange and Steinhoff have each been fined R1 million for the transgression.
"Mr La Grange held the highest-ranking financial position in the company and was directly responsible for managing the financial actions of Steinhoff as well as the preparation and supervision of Steinhoff’s consolidated financial information.
Mr La Grange ought to have known, that due to the numerous accounting irregularities, Steinhoff’s previously published financial information failed to comply with IFRS and was incorrect, false, and misleading in material respects,” read a notice published by the JSE on Friday.
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