FSCA fines Markus Jooste, three others around R241m

Former Steinhoff chief executive Markus Jooste and three of his associates have been fined R241 million by South Africa’s Financial Sector Conduct Authority (FSCA) for insider trading, the regulator said on Friday.

Jooste was fined an administrative penalty of R161.6 million, the FSCA said, for sending text messages to friends and associates in 2017 warning them before a steep fall in Steinhoff share price over an account scandal involving billions of rand.

The remainder of the fine applies to recipients of the text messages who acted on the information.