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
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