Today's Labour News

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gigaba2Fin24 reports that Minister of Finance Malusi Gigaba has asked for a report detailing the extent of the exposure of government pension fund to Steinhoff International, in the wake of the global retailer’s precipitous share price’s decline.  

The Minister indicated that he was gravely concerned by the “accounting irregularities” that the Steinhoff board had red-flagged on Tuesday.  He has requested the retirement funds regulator at the Financial Services Board (FSB), the Public Investment Corporation (PIC), which is the government’s pension fund asset manager, and the Government Employees Pension Fund (GEPF) to provide him with details of how many Steinhoff shares they own.  The PIC previously said it owned about 10% of Steinhoff's shares.  "At this stage the PIC is awaiting further information from investigations by domestic and international regulators and/or law enforcement agencies to decide on an appropriate course of action,” the asset manager said.  Gigaba also said he would be having “discussions” with the Independent Regulatory Board for Auditors to assess “any likely lapses in financial and auditing reporting”.  The exact nature of the irregularities has not been made public by Steinhoff.

  • Read this report by Jan Cronje in full at Fin24

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