Former Steinhoff boss Markus Jooste has lodged an appeal against the fine of R161m imposed by the Financial Sector Conduct Authority (FSCA) for insider trading, Die Burger reports.

The FSCA imposed the fine on 29 October last year, finding that Jooste sent an SMS to four individuals on 30 November 2017 warning them to sell Steinhoff shares before the share price collapsed.

Three took his advice.

Jooste insists that the messages did not constitute insider trading. He says then Steinhoff chairperson told him that the company’s auditors would be signing off on the 2017 financial statements and that this was what he thought when he conveyed the message.

Only later on the day of 30 November did Christo Wiese tell him the auditors had changed their minds and demanded a forensic investigation.

The FSCA rejected Jooste’s claims during the investigation.

Two of the receivers of insider information – Gerhardus Diedericks Burger and Marthinus Jaco Swiegelaar – did not lodge an appeal.

Law firm ENS has also lodged an appeal against a R115m fine imposed on the company Oscan Investment Enterprise, a family business of the late Ockie Oosthuizen, in a separate case.

The FSCA found Oosthuizen was the fourth receiver of information.

Full report in Die Burger (subscription needed)