Business In The News South Africa

Parliament’s watchdog wants Steinhoff, PIC to be called to account to MPs

CAPE TOWN, December 11– Parliament’s standing committee on public accounts (Scopa) on Monday said it planned to call executives for embattled retailer Steinhoff and the Public Investment Corporation (PIC) to account before Members of Parliament (MPs) early next year.


“Parliament cannot be a spectator in this unfolding drama, as the laws of the country, ethical conduct and workers’ pensions go down the drain because of the recklessness and corruption of the super-rich,” said Scopa chairman Themba Godi in a statement.


“This crass greediness of senior executives in the private sector is an indicator of the pervasiveness of immoral conduct among South Africa’s elite.”


The PIC, which manages South African government employee retirement funds, had seen the market value of its 8.56 percent stake in Steinhoff tumble to just over R2 billion from an estimated R20 billion during a sell-off last week triggered by news of accounting irregularities at the global retailer.


Godi called on Treasury to be more harsh in its condemnation of the scandal and said he would be speaking to MPS on the standing committee on finance to discuss how they would hold Steinhoff and the PIC to account.


“The South African Revenue Service (Sars), the South African Reserve Bank (Sarb), the Independent Regulatory Body for Auditors (IRBA, even though this body is ineffective) and the Financial Services Board (FSB) must urgently investigate,” said Godi, adding executives of all these roleplayers will be summoned to Parliament.


“South Africa’s reputation is in the gutter because of political and corporate corruption. All progressive and patriotic South Africans must put a stop to these acts.”


– African News Agency (ANA)

Leave a Reply

Your email address will not be published. Required fields are marked *