ANA reports that labour federation Fedusa said on Monday it would be meeting with the Public Investment Corporation (PIC) on how to protect workers’ pensions hit by a heavy sell-off in the securities of beleaguered retailer Steinhoff.  

The PIC, which manages the investments of the Government Employees Pension Fund (GEPF), has 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 triggered by news of accounting irregularities at the global retailer.  “Fedusa will meet the PIC over the Steinhoff meltdown in order to find ways of salvaging workers’ pensions managed by the PIC going forward,” the federation indicated.  The Public Servants Association (PSA) indicated that it was also looking into reports that the GEPF may have lost about R12.5 billion through investments in Steinhoff.

• A short report is at eNCA
• Read Fedusa’s short press statement on this matter at SA Labour News

Get other news reports at the SA Labour News home page