Gigaba asks for report on exposure of pension funds in Steinhoff scandal

JOHANNESBURG – Finance Minister, Malusi Gigaba has made a request for reports from the Financial Services Board (FSB) and state pension funds to provide him with a report on the extent of exposure for retirement funds as result of the Steinhoff scandal.
Gigaba said he is mindful that retirement and savings funds may be affected by the loss in the value of Steinhoff shares, therefore, members of retirement funds should be reassured that current regulations limit the extent to which any one fund may be invested in any one company.
“That notwithstanding, the Minister has requested the retirement funds regulator at the …read more