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Fedusa: Criminal steps must be taken against Steinhoff directors

Fedusa met with the public investment corporation on Monday over the Steinhoff meltdown, which has seen the retail giant's share price plummet as much as 90% since CEO Markus Jooste stepped down.

Former Steinhoff CEO Markus Jooste. Picture: Supplied

JOHANNESBURG - The Federation of Unions of South Africa (Fedusa) says that authorities must look at taking criminal steps against the directors of Steinhoff, amid allegations of fraud.

Fedusa met with the Public Investment Corporation (PIC) on Monday over the Steinhoff meltdown, which has seen the retail giant's share price plummet as much as 90% since CEO Markus Jooste stepped down.

While public servants have been assured that their pension fund investments are safe, concerns have been raised about fraud and corruption at listed companies.

Fedusa's Dennis George said: “We are going to speak to the international trade union confederation to ask that that stock exchange, through our mother body, must also deepen the investigation against Steinhoff and that they must take whatever steps, whether it is criminal or other steps, to deal with this massive corruption and fraud.”

Fedusa also questioned why the company's chief financial officer hasn't resigned following allegations of fraudulent transactions.

Fedusa's Dennis George asked if the CEO resigned, why hasn't the CFO done the same?

"And that is something that is very strange to us and we expect the board to take full responsibility for what happened with Steinhoff. And it’s important that we must also report these matters to the South African Institute of Auditors."