One of South Africa’s main labour federations said on Monday it would meet with the Public Investment Corporation (PIC) on how to protect workers’ pensions hit by a heavy sell-off in the securities of beleaguered retailer Steinhoff.

The Federation of Unions of South Africa (Fedusa) said the PIC, which manages South African government employee retirement funds, had seen the market value of its 8.56 percent stake in Steinhoff tumble to just over R2 billion from an estimated R20 billion during a sell-off last week triggered by news of accounting irregularities at the global retailer.

“Fedusa will meet the PIC over the Steinhoff meltdown in order to find ways of salvaging workers pensions managed by the PIC going forward,” it said.
South Africa’s Public Servants Association, which represents more than 230,000 members of the Government Employees’ Pension Fund, has also said it was looking into reports that the fund may have lost about R12.5 billion through investments in Steinhoff.

– African News Agency (ANA)