Steinhoff Ex-CEO’s Insider Trading Fine Is Cut to $1.2 Million
- Jooste was first charged $9.9 million by South Africa’s FSCA
- Financial Sector Tribunal later set aside original fine
Source: Rodger Bosch/AFP/Getty Images
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A fine against former Steinhoff International Holdings NV Chief Executive Officer Markus Jooste for insider trading has been cut by almost 90% after a local tribunal set aside the original penalty.
The Financial Sector Conduct Authority has issued a revised penalty of 20 million rand ($1.2 million) against Jooste, down from the 162 million rand announced in October 2020, it said in a statement Wednesday. The new fine is payable by Jan. 6.