The Financial Sector Conduct Authority has imposed a revised administrative penalty of R20 million on former Steinhoff International CEO Markus Jooste. In a statement issued on Wednesday, the FSCA said this is for breaching section 78 of the Financial Markets Act, Act 19 of 2012 .
Section 78 of the Financial Markets Act prohibits an insider from disclosing inside information to another person; the tribunal found that Jooste had not contravened this rule, as the information he provided via SMS to Du Toit, Dr Gerhardus Burger, Marthinus Swiegelaar and the late Ockert Oosthuizen “was vague and imprecise.
Oh no how will he recover. So terrible. Shame man.
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