The Financial Services Tribunal (FST) has upheld the Johannesburg Stock Exchange (JSE) decision to impose a public censure and R7.5 million penalty against disgraced former Steinhoff CEO Markus Jooste for his failure to adhere to the bourse’s listing requirements.
This latest decision deals yet another blow to Jooste who faces several legal battles relating to his role in the accounting fraud uncovered at the South African firm.
Jooste in December last year approached the tribunal to appeal the JSE’s decision to impose the penalty and bar him from being a director of a publicly traded company for two decades.
Both appeals were dismissed, with the FST validating the JSE’s choice of action against Jooste.
“On 10 October 2023, the FST dismissed the Reconsideration Application, affirming the validity and enforceability of the censure and financial penalties imposed on Mr Jooste by the JSE,” the Sens statement reads.
“In the circumstances, the JSE’s decisions to impose a public censure and financial penalties against Mr Jooste for contraventions of the JSE Listings Requirements remain binding and fully enforceable.”
The statement adds that: “Mr Jooste is immediately (i) liable for the payment of the financial penalties imposed and (ii) disqualified from holding the office of a director or officer of a listed company for a period of 20 years.”
On Friday, Steinhoff will reach the end of its life as it is set to be liquidated and delisted from the JSE as well as the Frankfurt Stock Exchange in Germany.
This article first appeared in Moneyweb.
