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Bafin headquarters in Bonn
Photo: WOLFGANG RATTAY / REUTERS
The financial regulator Bafin has imposed a record fine on the South African retail group Steinhoff.
The company with roots in north-west Germany is to pay 11.29 million euros.
A spokesman for Bafin said that this is the highest fine that the authority in securities supervision has imposed so far for violations of disclosure requirements.
Steinhoff only submitted the annual report of the Dutch holding company for 2016/17 in mid-2019 - much too late according to the regulations.
During these years, Steinhoff was struggling to survive financially following an accounting scandal.
In addition, voting rights notifications from shareholders were not published in good time, Bafin said.
Steinhoff can still appeal against the fine.
jlk/Reuters
