PSA calls for boycott of horse race over Steinhoff scandal

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File: Steinhoff made headlines in December 2017 when then CEO Markus Jooste resigned in an accounting scandal that saw the company’s share price collapse.

ANA

JOHANNESBURG - The Public Servants Association (PSA), whose members&39; pension funds lost more than R12-billion in investments in the alleged Steinhoff accounting irregularities, has called for a boycott of The Sun Met race should the horses of former Steinhoff CEO Markus Jooste compete.

In a statement released on Friday, the PSA said it had learned that Jooste was the biggest racehorse owner in South Africa.

READ: Steinhoff CEO quits over accounting irregularities

"According to the PSA’s information, Mr Jooste owns the favourites for the race. For upcoming races Mr Jooste could be collecting stake monies of as much as R5-million, while under his management Steinhoff has lost billions in investments.

“The PSA calls on the horseracing organisers to prevent Mr Jooste’s horses from participating in future horseraces and for Southern Sun to withdraw its sponsorship of  [The Sun Met] should Jooste’s horses take part in the event.

"The PSA, as custodian of public servants’ pensions, cannot allow Mr Jooste to continue making millions until an investigation into the irregularities has been completed,” the statement read.

READ: Steinhoff CEO probed for corruption

The association said it has written to Sun International asking it to consider the unfolding events and reconsider its involvement in the race to protect the brand and compel the event organisers to exclude Jooste’s horses.

The association also revealed that it would meet with its lawyers at the weekend to discuss a course of action for Steinhoff directors and auditors to be declared delinquent.

“The PSA has committed to do everything in the union’s power and within the law to be part of the solution to fight rampant corruption in government and the private sector. All South Africans need to unite in actions to ensure that those who are part of unethical conduct face the repercussions of their actions,” the statement read.

Jooste resigned as the company&39;s chief earlier this week.

The Sun Met Race takes place on 28 January.

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