It is not the best start to the new year for the disgraced former Steinhoff CEO Markus Jooste.
The Johannesburg Stock Exchange (JSE) said on Tuesday that it would impose two R7.5 million fines against Jooste for his failures and “transgressions” at Steinhoff.
Jooste is not off the hook though with just a fine – the JSE said it would be barring him from serving as a director for 20 years.
If you can believe it, Jooste is challenging the suspension.
According to the JSE statement, Jooste does not agree with the decisions by the JSE and has challenged their findings.
“Jooste informed the JSE that he does not agree with the JSE’s decision and findings and that he intended exercising his rights to challenge the JSE’s decision in terms of the provisions of the Financial Sector Regulation Act (FSRA)."
The JSE said that “on December 14, 2022, Jooste applied to the Financial Services Tribunal for an order suspending the decisions of the JSE. On that same day, Jooste also applied for the reconsideration of the decisions of the JSE in terms of section 230(1) of the FSRA”.
The JSE opposed Jooste’s suspension and reconsideration application.
“On January 10, 2023, the deputy chairperson of the Financial Services Tribunal, Retired Judge Harms, dismissed the suspension application, other than in regard to the payment of the fine that the JSE has imposed on Jooste.”
Based on these circumstances, the JSE is entitled to publish the censure on Jooste and to disqualify him from holding the office of a director or officer of a listed company for two decades, according to the statement.
The Steinhoff share price closed at 54 cents per share on Tuesday on the JSE.
This is a developing story ...
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