Reserve Bank weighs Steinhoff’s bid take money out of South Africa
Steinhoff International has applied to the South African Reserve Bank for permission to take money out of the country to help with its liquidity challenges abroad. Reserve Bank deputy governor Kuben Naidoo said that while the Bank did not want money to be taken out of the country, it was also cognisant of the fact that the liquidation of the group would have severe implications on its local operations, including jobs as well as savers. He did not say how much Steinhoff wanted to take out of the country. "We have to manage that balance," Naidoo said. He could also not say when a decision would be taken. He was addressing three parliamentary committees — the standing committee on finance, the standing committee on public accounts and the portfolio committee on public service and administration — on the Steinhoff scandal, which has seen investors and pension funds lose billions of rand. Presentations were also made at the hearing by the JSE, the Treasury, Financial Services Board (FSB)...
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