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Steinhoff scandal inquiry set for end of January

The government employees’ pension fund was one of Steinhoff’s biggest investors, and is said to have lost billions.

FILE: Picture: Supplied.

CAPE TOWN - Parliamentary hearings into the Steinhoff accounting scandal are set to kick off at the end of January.

The chairperson of the Standing Committee on Finance Yunus Carrim says the inquiry will be held jointly with the Standing Committee on Public Accounts (Scopa) and the Public Service and Administration Oversight Committee.

This follows the collapse of the furniture and clothing retailer’s share price in December, after the resignation of its CEO, Markus Jooste, amid allegations of suspected fraud.

The Government Employees’ Pension Fund (GEPF) was one of Steinhoff’s biggest investors and is said to have lost billions.

Carrim says some administrative work must be done before the date for the start the hearings is finalised: “The three chairpersons have agreed we will have joint hearings, probably on 30 or 31 January.”

Carrim says he wrote last month to the Financial Services Board, the Reserve Bank and the Independent Regulatory Board of Auditors and says committee members have already been given feedback on investigations into the Steinhoff scandal already underway here and abroad.

He has also written to the Public Investment Corporation (PIC) and the GEPF.

“The inquiry that the three committees are going to have will be only the first stage of an ongoing process in dealing with this complicated and complex matter that affects so many of our citizens.”

LISTEN: How the Steinhoff scandal affects pension funds

(Edited by Zamangwane Shange)