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Reuters reports that the Public Servants Association (PSA) said on Thursday that it had teamed up with Steinhoff’s second-largest shareholder, the Public Investment Corporation (PIC), to pursue a class action lawsuit against the global retailer.
The aim would be to recoup around R17 billion of public sector pensioners’ monies wiped out in the wake an accounting scandal. Steinhoff, owner of more than 40 retail brands including Poundland in Britain, admitted “accounting irregularities” last month, triggering an 85% share slide.
- This short report by Wendell Roelf is at Moneyweb
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