Citizen Reporter
1 minute read
30 Oct 2020
4:44 pm

Markus Jooste’s FCSA fine ‘a slap on the wrist’ – EFF

Citizen Reporter

The party called on the NPA and Hawks to arrest Jooste, or it would make a citizen's arrest 'with immediate effect'.

The former chief executive of Steinhoff, Markus Jooste. Picture: Henk Kruger/African News Agency (ANA)

Former Steinhoff CEO Markus Jooste on Friday received an administrative penalty of R161 million by the Financial Sector Conduct Authority (FCSA), but the fine is “nothing but a slap on the wrist”, the EFF said in a statement on Friday. 

Jooste was found to have committed fraud, corruption, money laundering, theft and racketeering, and disclosing insider information. He is personally liable for R122 million. 

ALSO READ: Markus Jooste, three others, fined R241 million for Steinhoff insider trading

Dodgy dealings in November and December 2017 resulted in Steinhoff International being indebted by more than R160 billion. 

“Jooste has caused massive irreparable damage to shareholder value and the South African economy. For this he deserves much harsher fines,” the EFF said. 

The party said it was concerned corruption probes are mostly directed at black people “who don’t even make up a recognisable figure in terms of meaningful participation in the South African economy”.

“People like Jooste commit serious crimes only to disappear into a life of luxury, tranquility and bliss without suffering any loss.” 

The statement continued by calling for the Hawks and National Prosecuting Authority (NPA) to arrest Jooste. 

“The failure to arrest Jooste immediately will only serve to confirm our long-held belief that Shamila Batohi is brought to the NPA to prosecute black people who are at the bottom of the food chain of the corruption ecosystem.

“She has no intention to deal with corruption in the private sector.”

The party threatened to make a citizen’s arrest should Jooste not be arrested, “with immediate effect”. 

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