South Africa. Government pensions survive Steinhoff fraud
The Government Employee Pension Fund (GEPF) yesterday assured its more than 300 000 beneficiaries their money was safe and would still keep flowing following the fraud being investigated at Steinhoff Investment Holdings and the subsequent collapse of its share price.
Trading in Steinhoff opened at about R6 yesterday morning from about R55 on December 1 when the scandal broke, and closed at R8.60.
“As at March 31, 2017 the GEPF through PIC owned about R28 billion in Steinhoff International Holdings which is about 10% of the shares of the company but 1% of the total assets of the fund,” GEPF spokesperson Matau Molapo said in a statement yesterday.
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