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Bloomberg
A fine against former Steinhoff International Holdings CEO  Markus Jooste for insider trading has been cut by almost 90% after a local tribunal set aside the original penalty.
The Financial Sector Conduct Authority has issued a revised penalty of 20 million rand ($1.2 million) against Jooste, down from the 162 million rand announced in October 2020, it said in a statement. The new fine is payable by January 6.
The first amount was set aside by a tribunal a year ago after it determined that while Jooste disclosed inside information to others, the warning he messaged to four people to encourage them to sell their Steinhoff shares was vague.