The Public Servants Association said it would be meeting its lawyers this weekend to determine a course of action for Steinhoff directors and its auditors to be declared delinquent.
The PSA said its member's pension funds lost over R12 billion in investments through the reported accounting irregularities admitted to by former CEO, Markus Jooste.
The Steinhoff scandal is said to have cost the country R194bn, said to be more than the estimated losses from all the Gupta-related scandals.
The Public Investment Corporation, which oversees government pension funds, also lost billions, with its stake once valued at R20bn now worth a reported R3.6 billion
PSA General Manager, Ivan Fredericks, said that they were also calling on the organisors of the Sun Met Race to restrict Jooste horses from participating in the January 2018, horse race.
“The PSA has learned that former Steinhoff CEO, Markus Jooste, is the biggest racehorse owner in South Africa. According to the PSA’s information, Jooste owns the favourites for the Race. For upcoming races, Mr Jooste could be collecting stake monies of as much as R5 million, whilst under his management Steinhoff has lost billions in investments.”
“The PSA calls on the horseracing organisers to prevent Mr Jooste’s horses from participating in future horseraces and for Southern Sun to withdraw its sponsorship of the Race should Jooste’s horses partake in the event. The PSA, as custodian of public servants’ pensions, cannot allow Mr Jooste to continue making millions until an investigation into the irregularities has been completed,” said Fredericks.
He said the PSA has written a letter to Sun International to request it to consider the unfolding events and reconsider its involvement in the Race to protect the brand and compel the event organisers to exclude Jooste’s horses.
