PIC to force Steinhoff's hand

File: Battered conglomerate Steinhoff to face legal action from the Public Investment Corporation.

File: Battered conglomerate Steinhoff to face legal action from the Public Investment Corporation.

African News Agency

CAPE TOWN - The PIC wants to force Steinhoff's hand.

It's preparing to file legal papers against Steinhoff to make it release a PricewaterhouseCoopers report that could shed light on what went wrong at the retail giant.

The Government Employees Pension Fund is PIC’s biggest client and the Steinhoff losses directly affected billions of rand in pensioners’ money.

READ: Steinhoff slapped with R53m fine

The PIC and the Government Employees Pension Fund have been trying to convince Parliament’s Finance Committee that they're doing everything in their power to deal with the Steinhoff debacle and to recoup the billions lost

But Steinhoff is refusing to hand over this report, saying it could compromise civil and criminal proceedings against those implicated

READ: Trade unionist testifies about ill-fated Steinhoff investment

“We have issued a later of demand to Steinhoff about two weeks ago requesting this report " said Lindiwe Dlamini of PIC's legal services.

"We are in the process of launching an application to compel Steinhoff to release that report.”

The Chairperson of Parliament’s Portfolio Committee says Parliament is prepared to step in to get hold of the report as the public and beneficiaries have the right to know.

Source
eNCA