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Saftu calls on NPA to prosecute former Steinhoff CEO Markus Jooste

Saftu has joined calls for the prosecution of former Steinhoff CEO Markus Jooste after the Government Employees Pension Fund had to write off massive investments as a result of the collapse of Steinhoff’s share price last year.

FILE: Former Steinhoff chief executive officer Markus Jooste appears at Parliament to answer questions from a joint sitting of the finance and other committees on 5 September 2018. Picture: Cindy Archillies/EWN

JOHANNESBURG – The South African Federation of Trade Unions (Saftu) has joined calls for the prosecution of former Steinhoff CEO Markus Jooste after the Government Employees Pension Fund had to write off massive investments as a result of the collapse of Steinhoff’s share price last year.

The Public Investment Corporation (PIC), on behalf of the fund, invested R4.3 billion in Steinhoff’s empowerment shareholder Lancaster, which is partly owned by the PIC.

Jooste resigned last year in light of apparent fraud at Steinhoff.

Saftu's Zwelinzima Vavi says that Jooste and his accomplices made themselves billionaires at the expense of workers whose life savings were invested in his company.

“One of the top priorities of the new Director of Public Prosecutions, Shamiela Batohi, must be to prosecute Jooste and others implicated in this robbery.”

(Edited by Leeto M Khoza)