After what have been described as "bargain-basement" sale prices for two significant assets owned by Steinhoff, the Public Servants Association has announced it is pursuing legal action to recoup about $1.4bn lost in its accounting scandal. "Steinhoff is slowly becoming a shell. We want to try and recoup losses before it is too late," Tahir Maepa, deputy GM at the Public Servants Association told Business Day on Thursday. Maepa said the union considered launching a class action in December when news of the "accounting irregularities" first broke. "But first we had to gather evidence. Our preliminary finding on the basis of that evidence is … we do have a case," he said. On January 19, Public Servants Association members marched on Steinhoff’s offices in Stellenbosch to demand access to company documents. Maepa said the demand was made on the basis of the Companies Act, which provides for interested parties to get access to company records. The Public Servants Association was also re...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.