DISGRACED former CEO of Steinhoff Markus Jooste has appealed a R162 million fine for sending SMS warnings about Steinhoff’s share price to four friends.
He was also ordered to pay the costs that the Financial Sector Conduct Authority (FSCA) incurred in the insider trading investigation, and is jointly liable for around R56 million in fines issued to the recipients of the SMSes.
If they can’t afford to pay, he has to cover for them.
Jooste was supposed to pay the money within a month after the fine was issued at the end of October last year.
Instead, he has taken the matter on review to the Financial Sector Tribunal, says Brandon Topham, divisional executive for investigations and enforcement at the FSCA. The independent tribunal was established in 2019 to reconsider the findings of the FSCA and various ombuds.
“A date has not been set yet for the matter to be
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