JSE fines Steinhoff International R13m for breaching listing requirements

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JSE fines Steinhoff International R13m for breaching listing requirements

The JSE said that the company’s financial reports for 2015, 2016 and some prior financial periods did not comply with international financial reporting standards.

Steinhoff’s offices in Stellenbosch. Picture: Supplied

JOHANNESBURG – The Johannesburg Stock Exchange (JSE) has fined Steinhoff International more than R13 million for breaching listing requirements.

This includes publishing false and misleading information.

Steinhoff has endured hefty losses and a stream of lawsuits since revealing holes in its accounts in 2017 – the first sign of fraud estimated to total R115 billion – and from which it’s still battling to recover.

The JSE said that the company’s financial reports for 2015, 2016 and some prior financial periods did not comply with international financial reporting standards.

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