Pension funds’ exposure to Steinhoff sees them take an R18bn loss — excluding the GEPF
The Government Employees Pension Fund (GEPF) held 428-million shares in Steinhoff with a market value of R24bn at end-November, a week before the startling revelations of alleged accounting irregularities led to the collapse of the international retailer’s share price.As at January 23, the GEPF held 392-million shares in the company, with a market value of R3bn. Between end November and January 23, the share price had fallen from R56.26 to R7.84. At one stage, at end-December, the value of the GEPF’s stake in Steinhoff fell to as low as R1.8bn.This information was provided by the fund at a hearing on Steinhoff organised by Parliament’s finance, public accounts, and public service and administration committees.Financial Services Board (FSB) deputy executive officer for pensions Olano Makhubela said 948 of the 1,080 pension funds surveyed — excluding the GEPF and pension funds of state-owned enterprises — had exposure to Steinhoff to the value of R25bn on December 1, before the scanda...
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