Steinhoff Gets $3.6 Million Fine Following Accounts Scandal
- South African regulator reduced penalty to avoid job losses
- FSCA is still pursuing civil case against ex-CEO Jooste
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South Africa’s financial regulator fined Steinhoff International Holdings NV a record 53 million rand ($3.6 million) for failing to properly disclose accounting problems and is probing at least 10 individuals in connection with the late-2017 scandal.
The Financial Sector Conduct Authority reduced the penalty from an initial 1.5 billion rand in light of the retailer’s precarious financial position, according to Brandon Topham, divisional executive for investigations and enforcement. The FSCA is concerned that putting too much pressure on Steinhoff’s balance sheet could result in job losses, he said.