The fine is for Steinhoff's failure to disclose Moody's credit downgrades to shareholders.
The Johannesburg Stock Exchange (JSE) has found Steinhoff to be in breach of the exchange’s listings requirements for failing to publish an announcement on SENS in respect of Moody’s rating action of 7 December 2017, as well as for the late announcement of Moody’s further rating action on 28 December 2017. In light of this, it has issued the retailer with a R1 million fine.
The JSE said in its statement:
“According to SIH, it was informed by Moody’s of the publication of the rating downgrade on 8 December 2017 at 00h29 (SA time). SIH failed to publish an announcement on SENS on 8 December 2017 to inform stakeholders of Moody’s rating action in accordance with the aforementioned listings requirement… The JSE has decided to impose this public censure against the issuer, as well as a fine in the amount of R1,000,000 in relation to the above mentioned breaches of the listings requirement.”
Pictured: Recently suspended ex-CFO of Steinhoff, Ben La Grange
