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Government workers to meet ILG over Steinhoff

The labour union is seeking to recover losses suffered by members of the Government Employees Pension Fund.
The PSA alongside representatives of the PIC will discuss possible participation in global litigation efforts. Picture: Dwayne Senior, Bloomberg

South Africa’s Public Servants Association will meet the International Litigation Group on October 30 as part of the labour union’s bid to recover losses suffered by members of the Government Employees Pension Fund following the Steinhoff International accounting scandal.

The PSA and representatives from the Public Investment Corp. will discuss possible participation in global litigation efforts to assist shareholders with the recovery of losses against more than 40 defendants, including Steinhoff, Deloitte, certain banks and multiple current and former Steinhoff directors, the labour union said in an emailed statement Monday.

The PIC has more than R2 trillion ($138 billion) in assets under management including those of the GEPF, which account for more than 87% of the total.

© 2018 Bloomberg L.P

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“certain banks”.. which are?

It is quite astounding that PIC is so silent on Steinhoff. Why?

Were individuals at PIC “paid out/ paid off” when Steinhoff listed on Frankfurt Exchange in 2015?

The Government workers(previously known as civil servant) -misnomer if any- should rather work and stop wasting more tax money on lost causes.

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