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FSCA Fines Steinhoff On Accounting Irregularities

The Financial Sector Conduct Authority or FSCA has imposed an administrative penalty of R1.5 billion on Steinhoff International after concluding its investigation into alleged contraventions of the Financial Markets Act in the period prior to the discovery of significant accounting irregularities at the Company in December 2017.

The FSCA has found that the Steinhoff Group made false, misleading or deceptive statements, promises or forecasts in its public statements to the markets in
the prior period.

Louis du Preez, Group CEO of Steinhoff said,"....We are pleased that the matter has now been brought to a conclusion and that the FSCA has recognised our full co-operation with the investigation. There are no further enforcement FSCA actions outstanding against the Steinhoff Group."

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