The Financial Sector Conduct Authority says it has found no evidence of insider trading in the retailer’s shares, although it still has a few trading accounts to check
Former Steinhoff CEO Markus Jooste appears in parliament on September 5 2018. Picture: ESA AEXANDER
Bloomberg reported previously that Steinhoff’s former CEO, Markus Jooste, had advised friends to sell the company’s shares days before the stock collapsed. Then, on December 5 2017, the company said it had uncovered accounting irregularities and that Jooste had quit, causing the shares to plunge 63% in a single session.
But the authority said it had “closed its files” on three accounts where more than R419m worth of shares were traded. It has investigated 56 accounts for insider trading so far “with no adverse findings”.
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