The penalties imposed by the Financial Sector Conduct Authority (FSCA) on 31 people in the year to March 2024 represent an almost 10-fold increase over the year before.
More than half were against Markus Jooste, the now deceased former head of Steinhoff, for issuing false financial statements. The regulator said it would be laying a claim against his estate.
The FSCA noted an increase in funeral parlours charging monthly fees, which it said constitute insurance premiums, and schemes encouraging investment in livestock.
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