Today's Labour News

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SteinhoffBusiness Report writes that the Government Employees Pension Fund (GEPF) lost about R20bn from the collapse of global retailer Steinhoff’s share price after the group admitted accounting irregularities.  

This emerged from the hearings in Parliament on Wednesday when the Steinhoff supervisory board appeared before three parliamentary committees, namely the standing committees on finance, public accounts and public service and administration.  The GEPF said its Steinhoff shares were worth R24.1bn on 30 November last year, but worth only R3.1bn on 18 January this year.  The GEPF holds 392m Steinhoff shares, about 9.1% of all the group’s shares.  The Public Servants Association of SA (PSA) and the Public Investment Corporation (PIC) indicated last month that they would be pursuing a class-action lawsuit against Steinhoff to recoup around R17bn of pensioners’ money that was wiped out in the wake of the scandal.  The PIC is the investment manager of a number of state funds, including the GEPF, whose members include PSA members.

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