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Steinhoff failed to make its annual financial report for the financial year 2016/17 publicly available within the prescribed period, BaFin said in a short statement today. It also failed to publish voting rights notifications within the prescribed period, and thus must pay a fine of R190 million in three tranches of €3.7 million, with the last payment due in September 2024. Steinhoff said it would not appeal the fine. – Sandra Laurence
As disclosed in the 2022 half-year report, Steinhoff International Holdings N.V. has engaged with BaFin on the late publication of historical financial reports and certain voting rights notifications.
Steinhoff has been informed that BaFin imposed an administrative fine of EUR 11,290,000 on Steinhoff. The sanction was based on a violation of Section 114 paragraph 1 sentence 1 of the German Securities Trading Act (WpHG) as well as violations of Section 130 paragraph 1 of the German Act on Breaches of Administrative Regulations (OWiG) in conjunction with Section 4,paragraph 1, sentence 1 of the WpHG.
BaFin concluded that Steinhoff had not made its annual financial report for the 2016/2017 financial year available within the prescribed period to the public and had also failed to publish voting rights notifications it had received within the prescribed period. The administrative fine of EUR 11,290,000 will also effectively resolve other late filings of financial reports and voting rights notifications. Further BaFin confirmed that the fine amount and administrative costs are payable in three tranches, as follows: EUR 3,763,000 on 31 March 2023, EUR 3,763,000 on 31 March 2024 and EUR 3,771,500 on 30 September 2024. Steinhoff has decided not to appeal against the fine notice
Steinhoff Group CEO Louis du Preez said: “We are pleased to have concluded another historical regulatory matter.”
A publication of the sanction may be found on the website of BaFin (www.bafin.de).
Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
See also: https://www.bafin.de/DE/Startseite/startseite_node.html
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