Press Statement dated 23 July 2019
The Federation of Unions of South Africa (FEDUSA) feels vindicated that Steinhoff’s Booysen and Angela Kruger have fallen on their own swords and will not be reappointed to the company’s Board after the pair were implicated in South Africa’s biggest corporate scandal that saw Steinhoff’s share price tumble from a high of R45 to a low of only R3 in November 2017.
“FEDUSA is vindicated that as members of the Audit and Risk Committee - Booysen in particular – they must be held accountable for their part in failing to prevent the catastrophic events that saw close to R250 billion wiped off its market capitalisation on the JSE,” says FEDUSA Acting General Secretary Riefdah Ajam.
“In a matter of chickens having come to roost, FEDUSA remains adamant that Booysen must still be declared a delinquent director for his role in the scandalous events that saw thousands of pensioners left destitute after their life savings were plundered”.
Many FEDUSA affiliates across the public and private sectors have been directly affected by the scandal and would like to see concrete action taken against Booysen.
As the biggest single shareholder of Steinhoff on behalf of the Government Employees Pension Fund, the Public Investment Corporation bears a heavy responsibility to lead the way in both uncovering the perpetrators of this massive corporate fraud as well as protecting the remaining pension value of Steinhoff’s130 000 employees as well as that of all other stakeholders, concluded Ajam.
Issued by the Federation of Unions of South Africa (Fedusa)