Sep 29

Marcus Jooste loses his appeal

Former Steinhoff CEO Markus Jooste has lost his reconsideration appeal against a R20 million penalty imposed on him for insider trading, with the Financial Services Tribunal describing his actions as “deliberate, premeditated and calculated.” News24 reports that Jooste, the alleged mastermind behind the accounting scandal that almost sank Steinhoff, was initially slapped with a R162 million penalty by the FSCA in October 2020. This was later reduced to R20 million because Jooste did not disclose “precise” inside information to his friends, an amount Judge Louis Harms, who chaired the Financial Services Tribunal panel that heard the appeal, said was appropriate.