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PSA: GEPF members lost more than R12bn in Steinhoff scandal

Furniture retailer Steinhoff International lost more than 63% of its stock value on the JSE on Wednesday after CEO Markus Jooste stepped down.

Picture: EWN

JOHANNESBURG - The Public Servants Association (PSA) has called for the safeguarding of pension investments, saying that more than R12 billion has been lost following allegations of accounting irregularities at Steinhoff.

Furniture retailer Steinhoff International lost more than 63% of its stock value on the JSE on Wednesday after CEO Markus Jooste stepped down.

The scandal has further ignited calls for more focus and interrogation of corruption in the private sector.

German police say they’re continuing with a criminal investigation.

LISTEN: PSA expresses serious concerns over Steinhoff scandal

The PSA, which represents more than 230,000 members of the Government Employees' Pension Fund, says that members have lost billions through losses in investments in Steinhoff.

The PSA’s Tahir Maepa says: “This is quite shocking for us that R12 billion of our hard-earned money is just gone. This is what the PSA has been saying for months gone. We need to relook the investment scheme of the Government Employees' Pension Fund.”

This scandal has raised renewed questions about corruption and other criminal behaviour in the private sector.

(Edited by Shimoney Regter)