Steinhoff International Holdings N. The requirement for Steinhoff to make multiple, significant restatements of its accounts subsequent to December supports the conclusion that Steinhoff failed to meet its obligations under the FMA The FSCA has therefore found that the Steinhoff Group made false, misleading or deceptive statements, promises or forecasts in its public statements to the markets in the prior period. The FSCA has applied section of the FMA to determine the level of administrative penalty to be paid by Steinhoff and, having considered representations from the Company, has also taken into account a number of mitigating factors.
Noting Steinhoff's current financial position; to avoid penalising innocent Steinhoff shareholders further; in recognition of the fraud perpetrated on the Steinhoff Group by former employees and officers of the Company; and in acknowledgement of the co-operation of management to date and Steinhoff's commitment to continue co-operating fully with the FSCA in all future actions taken against any persons allegedly responsible for the wrongdoing, the FSCA has resolved, under Section of the Financial Regulation Act No.
The FSCA states that events subsequent to December have highlighted the gap that existed between the Steinhoff Group's prior public statements and the financial reality.
The size of the headline penalty reflects the scale and severity of the regulatory breach. Single fraud investigation service september 2019, in light of Steinhoff's current financial position, we have made the decision to remit a substantial proportion of the penalty, even after this reduction it remains the largest single fine ever imposed by the FSCA.
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- Todd Harrison Überblick Todd Harrison focuses his practice on white-collar and corporate defense, internal investigations, regulatory and compliance matters, and complex civil litigation in state and federal courts, including the defense of Foreign Corrupt Practices Act cases and the defense of companies and executives charged with violating various international sanctions regimes, including the US government sanctions on Iran.
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We would like to thank the current Steinhoff management team for their co-operation and constructive engagement through this difficult and complex process. We are pleased that the matter has now been brought to a conclusion and that the FSCA has recognised our full co-operation with the investigation. We would like to thank the FSCA for its professionalism throughout our engagement.
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