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Government pensions to be hit hard by Steinhoff scandal

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As the Steinhoff share price continues to plunge, government employees and pensioners are likely to feel the pinch.

Investors have already lost more than a hundred billion rand in value.

Moneyweb is reporting that the Government Employees Pension Fund will be hard hit.

The fund has shares in the company which is managed by the Public Investment Corporation.

It says this will affect provident and pension funds.

It also reports that large pension funds like those belonging to Eskom and Sasol will feel the impact.

Steinhoff share prices plummeted over 60 percent following the resignation of CEO Markus Jooste amid a probe into alleged accounting irregularities.

Jooste has apologised to the retail giant’s staff.

[Source: eNCA]
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