It turns out the entire R475 million fine under the Financial Markets Act (FMA) category related to a penalty in the Steinhoff / Markus Jooste matter, imposed early 2024. According to the FSCA, Jooste and Dirk Schreiber contravened section 81(1)(a) and (b) of the FMA by publishing misleading annual financial statements and integrated reports. Between 2014 and 2017, the integrated reports contained significant overreporting of operating profits; the balance of cash equivalents; and the goodwill in Steinhoff UK. "The announcement of accounting irregularities and Jooste's resignation led to a 61.42% decrease in the Steinhoff share price on 6 December 2017, highlighting the market's reliance on accurate financial reporting".