September 12, 2019 / 10:07 AM / a month ago

South African regulator fines Steinhoff for misleading markets

JOHANNESBURG, Sept 12 (Reuters) - South Africa’s market regulator is fining retailer Steinhoff 53 million rand ($3.6 million) for making “false, misleading or deceptive statements” to the market, the company said on Thursday.

Steinhoff revealed an accounting fraud in December 2017 that shocked investors and wiped more than 200 billion rand off its stock market value.

The company said the penalty would have been 1.5 billion rand, but was reduced in recognition of the fact that the fraud was perpetrated by former employees and that the company had cooperated with regulators.

The Financial Sector Conduct Authority (FSCA) ruled that multiple, significant restatements of the company’s accounts after December 2017 supported the conclusion that Steinhoff failed to meet its obligations under the Financial Markets Act.

$1 = 14.6256 rand Reporting by Tanisha Heiberg; Editing by Mark Potter

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