The Financial Services Tribunal in Pretoria, South Africa has ruled that there is enough evidence to find that Markus Jooste, the former CEO of Steinhoff International Holdings was guilty of insider trading in November 2017. However, the court did rule in Mr Jooste’s favour in the allegation that he disclosed insider information ahead of publication, confirming only one of two decisions made by the South African Financial Markets Authority (FSCA). Mr Jooste had applied for a review after the FSCA fined him millions of dollars for breaching sections 78(5) and 78(4) of the Financial Markets Act. At the time, Mr Jooste had allegedly sent separate text messages to four acquaintances and Steinhoff shareholders telling them to sell the Steinhoff shares they held while in possession of inside information. However, the reasons that Mr Jooste gave for the sale in the text messages were not specific enough to be classified as inside information.
Former Steinhoff CEO: Court confirms insider trading
© 2022 EUWID Europäischer Wirtschaftsdienst GmbH | All Rights Reserved.
Copyright notice The individual articles, tables and other contents published by EUWID are protected by copyright and are provided exclusively for the client's own use and the use of the client's employees. In the absence of a more extensive licence agreement, only one copy may be printed for circulation at a single business location designated by the client. Digital distribution of EUWID contents, especially by intranet or by e-mail, within a company, throughout a group of companies, or outside a company is not permitted and constitutes an infringement of copyright law. Read more in our FAQ.