Financial watchdog wants details of exposure to Steinhoff
Financial Services Board takes the unprecedented step of requesting all financial services providers supply it with details of their exposure to Steinhoff International.
As the public scrambled to get a handle on the extent of the losses their pensions and other investments may have suffered from the spectacular collapse of Steinhoff and contagion spread to financial services firm PSG on Friday, the Financial Services Board (FSB) took unprecedented action and requested that all financial services providers supply it with details of their exposure to Steinhoff International. The FSB’s move appears to have been prompted by concern expressed by the minister of finance earlier in the last week. In the latest development in the scandal that has rocked SA, the company announced it would set up a board subcommittee to engage with its banks. Johan van Zyl, former CEO of Sanlam, Steven Booysen, former CEO of Absa, and Heather Sonn, former CEO of Legae Securities, are to deal with what is believed to be a wide range of banks that has provided Steinhoff with credit. In another move likely to add to market jitters, late on Friday Steinhoff said it had reschedul...
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