The Public Investment Corporation (PIC) responds to revelations of accounting irregularities at Steinhoff:
The PIC applies the highest standards of corporate governance in administering its own affairs. As an institutional investor, the PIC expects the same commitment from all investee companies. Allegations of accounting irregularities by Steinhoff International Holdings NV, that have exposed the company to possible criminal investigations, are serious concerns for the PIC. The PIC’s exposure to Steinhoff is approximately 10% of shares in issue. At this stage the PIC is awaiting further information from investigations by domestic and international regulators and/or law enforcement agencies, to decide on an appropriate course of action.