Today's Labour News

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SteinhoffBusinessLive reports that one of SA’s most respected bankers, GT Ferreira who co-founded FirstRand, has seen more than R1bn of his wealth wiped out by the collapse of Steinhoff as his own direct investment in the retail group has collapsed to a fraction of its initial value.  

In addition, workers on his wine farm, Tokara outside Stellenbosch, who were invested in Steinhoff have seen that investment shrink to just a few million rand.  In July 2015, Ferreira’s investment in Steinhoff was valued at R460m.  He still holds 5.96-million Steinhoff shares, but they are now worth R18m.  An entity called the Tokara BEE Trust and an entity called Tokara Employees Trust had 5.2-million and 4.9-million shares, respectively, in Steinhoff at the end of November 2017.  The total value of Tokara shares ahead of the December collapse was R714m.  They are now worth R34.4m. The collapse of Steinhoff has reduced the Ferreira/Tokara investment to R52m from R1.17bn.  The Tokara Workers Trust was set up by Ferreira shortly after he bought the farm in 1994.  The farm’s website says the trust was set up "for the entire workforce to look after their future individual needs".

  • Read this report by Ann Crotty in full at BL Premium (paywall access)

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