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PSA eyes legal action to access Steinhoff financial records

The association says that the holding company turned down its request to visit Steinhoff's Stellenbosch head offices this week.

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

CAPE TOWN - The Public Servants Association (PSA) says that it will consider court action to gain access to Steinhoff's financial records.

The association says that the holding company turned down its request to visit Steinhoff's Stellenbosch head offices this week.

The PSA had indicated that it may have lost R12.5 billion in public servants' pensions when Steinhoff lost R194 billion in value on the back of allegations of fraud.

The Public Servants Association's Tahir Maepa says that Steinhoff must be investigated thoroughly because billions in public funds were lost in the accounting scandal.

"Their conduct, the reason why their stock fell and it is the reason why our members lost their money and we have the intention of recouping their money from their personal capacity and also from Steinhoff, whatever is left."

Maepa says that a second delegation will attempt to visit Steinhoff's head quarters in Stellenbosch on Friday.

He says that should they be denied access, the association will head to the Western Cape High Court to force Steinhoff to disclose its financial and administrative records.

The global retailer is already under investigation by regulators in South Africa and Europe.

Parliamentary hearings into the Steinhoff debacle will also be held at the end of the month.