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[LISTEN] GEPF writes off R4.3bn investment. Here's why

| The Money Show’s Bruce Whitfield interviews Abel Sithole, principal executive officer at the Government Employees Pension Fund over its investment decisions.

JOHANNESBURG - The Government Employees Pension Fund (GEPF) has written off a R4.3 billion investment it made in the Lancaster Group, Steinhoff's empowerment shareholder.

On 31 March 2017, the GEPF owned about 10% of the entire Steinhoff International Holdings.

The GEPF’s shareholding in Steinhoff represents 1% of its total assets.

The GEPF also wrote off a R1 billion loan and investments in preference shares in Iqbal Surve's Sekunjalo Investments and Independent News and Media SA (INMSA).

Other write-offs were a R375 million investment in VBS Mutual Bank and R492 million in Afgri Poultry.

Despite these write-offs, the GEPF's portfolio grew by 8.3% to R1.8 trillion, yielding investment returns of 8.5%.

The Money Show’s Bruce Whitfield interviews Abel Sithole, principal executive officer at the Government Employees Pension Fund over its investment decisions.

Listen to the audio for more.

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