The Government Employees Pension Fund (GEPF) has written off a R4.3billion investment it made in the Lancaster Group, Steinhoff's empowerment shareholder.
On 31 March 2017, the GEPF owned about 10% of the entire Steinhoff International Holdings.
The GEPF’s shareholding in Steinhoff represents1% of its total assets.
The GEPF also wrote off a R1billion loan and investments in preference shares in Iqbal Surve's Sekunjalo Investments and Independent News and Media SA (INMSA).
Other write-offs were a R375million investment in VBS Mutual Bank and R492 million in Afgri Poultry.
Despite these write-offs, the GEPF's portfolio grew by 8.3% to R1.8 trillion, yielding investment returns of 8.5%.
Listen to the interview in the audio below (and scroll down for quotes from it).
If you are appointed in terms of the Public Service Act, you have to be a member of the GEPF.— Abel Sithole, GEPF
The GEPF does not get instructions from anybody else…— Abel Sithole, GEPF
…We’re still enjoying the Ramaphoria uplift…— Abel Sithole, GEPF
We’re paying more benefits than we’re receiving in contributions… there is a shortfall [R95 billion] financed by investment returns…— Abel Sithole, GEPF
We’ve had a significant uptick in resignations…— Abel Sithole, GEPF
We’ve never been asked to invest in SAA. We are, however, invested in Eskom… They give you a good return… There’s a guarantee of the capital…— Abel Sithole, GEPF
All our investments [90% is local] is impacted by Eskom… A failing Eskom has a devastating impact on the economy… We want to ensure that Eskom continues to provide energy…— Abel Sithole, GEPF
Half of the trustees are labour… including people whose job is to protect their own membership…— Abel Sithole, GEPF
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
Recommendedby NEWSROOM AI
A business tool for older generations, a staple for younger ones
Short-term insurers suddenly carry a massively reduced risk burden, says consumer journalist Wendy Knowler. Getting some back?
Despite the achievement, the country still lost R100 billion in uncollected taxes, says Commissioner Edward Kieswetter.
The Great Depression started 91 years ago and changed everything. Bruce Whitfield speaks to economic historian Keith Breckenridge.
Personal Finance expert Maya Fischer-French on the pros/cons of dipping into credit insurance vs opting for a debt relief holiday.
Bruce Whitfield interviews John Oliphant, former Principal Executive Officer at the Government Employees Pension Fund.
The founders of Love Legacy Dignity guide listeners on how to process grief in light of the coronavirus mortality.
The South African Federation of Trade Unions general secretary says he had a light cough on Saturday, was sweating and fatigued.
Supervisor for credit provider compliance at the NCR Theodore Smith explains how the cover works.
SAA spokesperson Tlali Tlali says if people don't have a return ticket they must contact their respective embassies.
The metro's communication general manager, Qondile Khedama, says families will be advised on how to handle the bodies.
Cindy Poluta's expert panel recount their experiences and share advice on how to navigate mental wellbeing at this time..
BBC gender and identity correspondent Megha Mohan highlights different measures aimed at helping those in need during this time.
The ATM's are available in parts of Johannesburg and the Mangaung district.
Minister of Transport Fikile Mbalula explains why he changed the regulations to 70% loading capacity for minibuses.
Khabazela shares some of the videos that went viral on Twitter and Facebook.