Finance committee urges parties relevant to Steinhoff crisis to speed up probes
On Tuesday, Parliament’s Standing Committee on Finance called for the Financial Services Board (FSB), the South African Reserve Bank (SARB), the Independent Regulatory Board for Auditors (Irba) and the Johannesburg Stock Exchange (JSE), to expedite their investigations into Steinhoff and release the outcomes to the public. The committee again expressed outrage at the loss of value at Steinhoff. Committee chairperson Yunus Carrim, said that "this experience, once again, confirms the need for tighter regulation and monitoring of companies and for more effective regulatory bodies. We are concerned, not just about the financial losses suffered by the Public Investment Corporation (PIC), the Government Employees’ Pension Fund (GEPF) and the government employees they represent, but also about the prospects of major job losses for workers in Steinhoff companies." Carrim said the committee was also concerned about the consequences for the retirement and saving funds of many other investors ...
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