Government pensions to be hit hard by Steinhoff scandal

JOHANNESBURG, 07 December 2017 - Almost all working South Africans have been affected by the Steinhoff accounting scandal with workers with pensions in both the private and public sector will feel the effects.​ Video: eNCA
File: Steinhoff share prices plummeted over 60 percent following the resignation of CEO Markus Jooste amid a probe into alleged accounting irregularities. Photo: ANA

JOHANNESBURG - As the Steinhoff share price continues to plunge, government employees and pensioners are likely to feel the pinch.

Members of the Government Employees Pension Fund could lose about R12.5-billion in investments.

Investors have already lost more than R100-billion in value.

The fund has shares in the company which is managed by the Public Investment Corporation.

READ: Steinhoff shares plunge 60% after CEO quits

The Public Servants Association (PSA) is calling for the safeguarding of public servants pensions.

The union says it won't allow financial mismanagement and corruption to impoverish its members.

It also reports that large pension funds like those belonging to Eskom and Sasol will feel the impact.

Steinhoff share prices plummeted over 60 percent following the resignation of CEO Markus Jooste amid a probe into alleged accounting irregularities.

Jooste has apologised to the retail giant's staff.

eNCA

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