South African union, pension fund join forces over Steinhoff
South Africa’s civil servants union has teamed up with the government pension fund to pursue Steinhoff (SNHJ.J) (SNHG.DE) for around $1.4 billion of pensioners’ money lost as a result of an accounting scandal at the troubled retailer.
Steinhoff, which owns more than 40 brands including Poundland in Britain, admitted “accounting irregularities” last month, sparking an 85 percent share price slide that wiped more than $10 billion off its market capitalization.
This has left investors such as the Public Investment Corporation (PIC), which has around 2 trillion rand of government employees’ pensions under its custody and is Steinhoff’s second-largest shareholder, nursing big losses.
Read More: Reuters
