PSA to lay criminal charges against Steinhoff

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The Public Servants Association (PSA) says it will be laying criminal charges against Steinhoff International.

PSA believes the Steinhoff debacle goes beyond the accounting irregularities that the retail giant’s reported, and involves corruption.

The PSA has held a meeting with the Public Investment Corporation over the effect on government pension funds.

State pension funds are the biggest investors in JSE-listed companies.

Pension fund members have already lost more than R12-billion as a result of the Steinhoff scandal.

PSA spokesperson Tahir Maepa explains the outcome of the meeting with the PIC:

“We were more on a fact finding mission to try and find out the effects of this scandal and if the R12 billion was the only amount that will basically be the loss. So far we don’t know the extent of this scandal and the extent of the losses and PIC has reassured us that they are engaging Steinhoff. This thing is not normal there is a lot of unbecoming corruption. No further money should be invested elsewhere until such a time we are given a role to play an oversight at the PIC.”