PIC to take legal action to force Steinhoff to release PwC report
The PIC is adamant that it needs access to the PwC report to identify who was responsible for the malfeasance and who should be pursued in a delinquency process
03 December 2019 - 13:19
The Public Investment Corporation (PIC) is filing a court application to force Steinhoff to release the PwC forensic report the company has withheld on the grounds of confidentiality.
The corporation, which acts as asset manager of the Government Employees Pension Fund (GEPF) and other statutory funds, and which has assets under management of more than R2-trillion, has an exposure of about R24bn due to the collapse of the Steinhoff share price in December 2017 following revelations of financial irregularities allegedly perpetrated by former CEO Markus Jooste...
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