Fedusa to meet PIC as Steinhoff crash hits workers pension funds hard

The Federation of Unions of South Africa (Fedusa) says it will meet with the Public Investment Corporation (PIC) to find ways of salvaging worker pension funds which are managed by the PIC.

PIC was hit hard by the news of accounting irregularities at Steinhoff in the past week.

According to EWN reporter Gia Nicolaides, the PIC had seen the market value of its 8.56% stake in Steinhoff tumble to just over R2 billion from an estimated R20 billion during a sell-off last week.

She says the South Africa’s Public Servants Association also said it was looking into reports that the fund may have lost about R12.5 billion through investments in Steinhoff.

Both these organisations are looking at ways in which they would try to save jobs.

Gia Nicolaides, EWN reporter

Progressive Professionals Forum said that they have opened a docket of inquiry against Steinhoff directors.

What concerns PPF is that the funds are not only that of private citizens but also of civil servants, meaning that the poor of the poorest are affected.

Gia Nicolaides, EWN reporter

Secretary-General of Cosatu, Bheki Ntshalintshali says as Cosatu, they are concerned that this scandal would lead to job losses.

At this point, Ntshalintshali says they know very little in terms of what exactly happened at Steinhoff, hence they support the investigation.

He says they are very disappointed in Steinhoff and what has transpired.

We know when the money is wiped out like this, government has to get the money from somewhere else, and there are concerns that it might be us again paying in tax form, to something that we were not supposed to have lost.

Bheki Ntshalintshali, Secretary-General of Cosatu

To hear more of the Steinhoff sags, listen below:


This article first appeared on CapeTalk : Fedusa to meet PIC as Steinhoff crash hits workers pension funds hard


Recommended

by NEWSROOM AI
Read More
Wits Nehawu members down tools over salaries

Wits Nehawu members down tools over salaries

Nehawu Wits acting secretary Tumisho Madihlaba says negotiations with management deadlocked resulting in a strike.

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

‘Documents show that the fee contract was entered into by Anoj Singh & signed off by the acting CEO Sean Maritz' - Chris Yelland

‘Qedani Mahlangu helped people die then she ran away’ – Stephen Grootes

‘Qedani Mahlangu helped people die then she ran away’ – Stephen Grootes

Stephan Grootes shares his views on the events that unfolded at Life Esidimini and comments on Qedani Mahlangu’s apology.

Words you will hear today: Stein-aster

Words you will hear today: Stein-aster

A combo of Steinhoff and disaster after allegations of financial irregularities saw 62% wiped off the value of Steinhoff.

May the Fourth be with you, a celebration of Star Wars Day

May the Fourth be with you, a celebration of Star Wars Day

May 4 marks "May the Fourth be with you," Day celebrated by fans George Lucas' fans of his Star Wars global movie franchise.

Dis-Chem Foundation: Recovering drug addicts get a helping hand

Dis-Chem Foundation: Recovering drug addicts get a helping hand

Dis-Chem Foundation and 702 met two men who run an outpatient counseling and after school facility through NGO Ladies for Hope.

Popular articles
10 best business books reviewed on The Money Show in 2018

10 best business books reviewed on The Money Show in 2018

Know someone who’d appreciate a business book for Christmas? These were the best ones of the year…

Tons of coal exported from SA not Eskom grade says expert

Tons of coal exported from SA not Eskom grade says expert

While South Africans are sitting in the dark million tons of coal is shipped to other countries like China, Japan and India.

Social media pokes fun at Trump's 'smocking gun' tweet misspelling

Social media pokes fun at Trump's 'smocking gun' tweet misspelling

Khabazela shares tweets and Facebook posts that have gone viral.

'The corrupt use anti-corruption campaigns to divert attention from themselves'

'The corrupt use anti-corruption campaigns to divert attention from themselves'

Political analyst Steven Friedman says corrupt people use anti-corruption campaigns to neutralise those fighting corruption.

ANCWL calls on the ANC to suspend Pule Mabe

ANCWL calls on the ANC to suspend Pule Mabe

ANC Women's League says Mabe must be suspended pending the outcome of a sexual harassment complaint lodged against him.

'Evidence is solid. Poor people’s money was used illegally. Shivambu benefitted'

'Evidence is solid. Poor people’s money was used illegally. Shivambu benefitted'

Ray White interviews Pauli van Wyk, an investigative journalist with Scorpio at Daily Maverick.

ANC Spokesperson Pule Mabe accused of sexual harassment

ANC Spokesperson Pule Mabe accused of sexual harassment

In a letter seen by Eyewitness News a 26-year-old woman says Mabe wanted to have sex with her in exchange for a job as his PA.

[LISTEN] EFF's Floyd Shivambu was a beneficiary of stolen money - Pauli van Wyk

[LISTEN] EFF's Floyd Shivambu was a beneficiary of stolen money - Pauli van Wyk

Journalist Pauli van Wyk outlines how VBS approved Brian Shivambu’s R1. 46m home loan, with a little help from his brother.

[WATCH] Johnny Clegg opens up about emotional 'The Crossing' video

[WATCH] Johnny Clegg opens up about emotional 'The Crossing' video

South African legend, musician Johnny Clegg talks about the moving recording of his track The Crossing by over 50 artists.