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Fedusa: Steinhoff scandal biggest to hit SA

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

Former Steinhoff CEO Markus Jooste. Picture: Supplied

JOHANNESBURG - The Federation of Unions of South Africa (Fedusa) has described the Steinhoff meltdown as the biggest scandal to hit South Africa.

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

Fedusa met with the Public Investment Corporation on Monday after the retail group's share price plummeted 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 says 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."