Steinhoff Fined R13.5 Million

Business News

Bongani Zitha |

The Johannesburg Stock Exchange (JSE) has hit Steinhoff International with a R 13.5 million fine for breaching regulations of it’s listing requirements in relation to the company’s past released results.

This fine comes at the backdrop of the retailer’s admission to accounting irregularities in December of 2017 which to date has led to a decline of more than 95% in share price.

The JSE said Steinhoff’s published information of 2015,2016 and prior financial periods had not complied with international financial reporting standards and was misleading in material aspects.

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