S. Africa's JSE fines Steinhoff for breaching listing regulations

Source: Xinhua| 2020-10-20 21:39:54|Editor: huaxia

JOHANNESBURG, Oct. 20 (Xinhua) -- The Johannesburg Stock Exchange (JSE) on Tuesday said they have slapped Steinhoff and Steinhoff International Holdings with a fine of R13.5 million (about 820,000 U.S. dollars) for breaching its listing regulations.

This follows the publication of false reports in the years 2015 and 2016 by Steinhoff, a South African international retail holding company.

JSE said they are still investigating the conduct of some Steinhoff employees who were supposed to follow certain regulations.

"The 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 Sept. 2016 and is imposing a public censure and fines totalling R13.5 million on Steinhoff and SIHPL," read the JSE Stock Exchange News Service.

Louis du Preez, CEO and management board member of Steinhoff, said the company noted the JSE's decision, which relates to the period predating the discovery of accounting regularities.

"We are pleased that this concludes the JSE's process in respect of the company," he said. Enditem