Fedusa to meet PIC as Steinhoff crash hits workers pension funds hard

The Federation of Unions of South Africa (Fedusa) says it will meet with the Public Investment Corporation (PIC) to find ways of salvaging worker pension funds which are managed by the PIC.

PIC was hit hard by the news of accounting irregularities at Steinhoff in the past week.

According to EWN reporter Gia Nicolaides, the PIC had seen the market value of its 8.56% stake in Steinhoff tumble to just over R2 billion from an estimated R20 billion during a sell-off last week.

She says the South Africa’s Public Servants Association also said it was looking into reports that the fund may have lost about R12.5 billion through investments in Steinhoff.

Both these organisations are looking at ways in which they would try to save jobs.

Gia Nicolaides, EWN reporter

Progressive Professionals Forum said that they have opened a docket of inquiry against Steinhoff directors.

What concerns PPF is that the funds are not only that of private citizens but also of civil servants, meaning that the poor of the poorest are affected.

Gia Nicolaides, EWN reporter

Secretary-General of Cosatu, Bheki Ntshalintshali says as Cosatu, they are concerned that this scandal would lead to job losses.

At this point, Ntshalintshali says they know very little in terms of what exactly happened at Steinhoff, hence they support the investigation.

He says they are very disappointed in Steinhoff and what has transpired.

We know when the money is wiped out like this, government has to get the money from somewhere else, and there are concerns that it might be us again paying in tax form, to something that we were not supposed to have lost.

Bheki Ntshalintshali, Secretary-General of Cosatu

To hear more of the Steinhoff sags, listen below:


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