The government pension fund (GPF) lost about R12,5 billion due to the Steinhoff shares decline.
Steinhoff’s market value on the Johannesburg Stock Exchange (JSE) fell by almost R200bn.
The Board of Directors of the Public Investment Corporation (PIC) will have to act quickly and exercise their shareholder rights to determine precisely what happened at Steinhoff to apply damage control and to prevent further losses, said ADV. Anton Alberts, chairman of the FF Plus.
Preliminary media reports indicate that the PIC has a substantial share – possibly the second largest – in Steinhoff and its losses can be more than R12 billion.
Adv. Alberts said it is a severe blow to pensioners, and quick action is needed, such as the possible sale of shares to minimize damage.
Meanwhile, it is speculated that Steinhoff’s problems can jeopardize a large number of jobs.
Read the original article in Afrikaans on Die Vryburger
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