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Sactwu fears job losses in wake of Steinhoff scandal

Steinhoff International lost more than 63% of its stock value on the JSE, a day after CEO Markus Jooste stepped down amid allegations of accounting irregularities.

Former Steinhoff CEO Markus Jooste. Picture: Gallo Images/Financial Mail/Jeremy Glyn

JOHANNESBURG - The South African Clothing and Textile Workers Union (Sactwu) says that it is concerned that Steinhoff won't be around in the near future and that many of its members will lose their jobs.

Steinhoff International lost more than 63% of its stock value on the JSE, a day after CEO Markus Jooste stepped down amid allegations of accounting irregularities.

The Cosatu-affiliated union says they have requested an urgent meeting with Steinhoff to determine the way forward.

LISTEN: How the Steinhoff scandal affects pension funds

The union's Etienne Vlok says: “We would like for them to brief us on the problems, so that we understand whether the company is still strong enough and whether it will around in a few months time. We are concerned that it’s not and we are concerned that the problems we’ve read about means our members will lose their jobs.”

At the same time, the Public Servants Association has called for the safeguarding of pension investments, saying that more than R12 billion has been lost through investments at Steinhoff.

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

(Edited by Shimoney Regter)