PIC will have to act quickly to secure public servants’ pension money at Steinhoff

7 December 2017

The Public Investment Corporation (PIC) board of directors will have to act very quickly and exercise their rights as shareholders to determine what exactly happened at Steinhoff so that they can do damage control and prevent any further losses, says adv Anton Alberts, chairperson of the FF Plus.

Preliminary media reports indicate that the PIC holds a significant share – possible the second largest share – in Steinhoff and that its losses can amount to a staggering R12 billion.

According to adv Alberts, this is a big blow for pensioners and actions, like possibly selling shares in an attempt to limit further losses, will have to be decided on very quickly.

Issued by Anton Alberts, FF Plus chairperson and parliamentary spokesperson: Finance, 7 December 2017