Brandon Topham, the newly appointed director for investigations and enforcement at the Financial Sector Conduct Authority (FSCA), said this week that action would be taken soon. He said the company had consented to the fact that they had published false and misleading information.
The directors of Steinhoff are yet to face the consequences after admitting to accounting irregularities in December 2017 which has led to the 95percent decline to its share price.
The former chief executive Markus Jooste resigned after the admission and has appeared before Parliament to answer for his role in the company's misfortunes.
Jordan Weir, a trader at Citadel, said after months of silence occasionally interspersed by hollow feedback, the regulator’s announcement appears to have been intended to provide underlying shareholders with hope.