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Gigaba to assess damages to pension funds caused by Steinhoff saga

08 Décembre 2017

The Minister of Finance, Malusi Gigaba, notes with grave concern the statement by Steinhoff International Holdings N.V., on Tuesday evening, with regard to accounting irregularities in its recent financial statements.

Malusi Gigaba says he is mindful that many retirement and savings funds may be affected by the loss in the value of Steinhoff shares. As the regulator for capital markets in South Africa, the Minster supports the decision by the Financial Services Board, which it has conveyed to the National Treasury, that it has instituted an independent investigation into possible false and misleading reports in terms of section 81 of the Financial Markets Act, as well as any related abuses; this is over and above an internal investigation by the Johannesburg Stock Exchange (JSE) to probe the extent of the accounting irregularities at Steinhoff.

Besides having major implications for private asset managers and investors, it also has serious implications for the Public Investment Corporation.

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"Should any violations be found, the appropriate regulatory action will be taken in accordance with the legislation governing this area", an FSB spokesperson said yesterday.

The JSE confirmed yesterday that it had launched an investigation into Steinhoff and also indicated that it had decided not to suspend Steinhoff International listing as calls mounted for the axing of the board. Steinhoff also said its African unit will formally commit to refinancing its long-term liabilities owed to the company, boosting liquidity further.

"On the surface the acquisitions have been doing well but the truth is we now know nothing about the company and the true status of their results and profits and the best route is to stay well away until we do know", he said.

Gigaba to assess damages to pension funds caused by Steinhoff saga