JSE fines IT firm EOH R5 million for errors in financial statements

The Johannesburg Stock Exchange has fined IT firm EOH Holdings Limited R5 million for errors in its past financial statements. 

In a statement on Wednesday morning, the JSE said that EOH’s financial information for the periods 2017 to 2018 was "incorrect, false and misleading in material aspects". 

According to the local bourse, EOH assisted it in its investigation and admitted to its failure to comply with certain provisions of the listing requirements.

The JSE said imposed a total fine of R7.5 million, but suspended R2.5 million of the fine for a period of five years on condition that EOH is not found to be in breach of its listing requirements again. 

EOH, in a statement, said that accepts the JSE’s finding that certain of its past financial results did not comply with IFRS accounting standards and were incorrectly prepared.

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