JOHANNESBURG, The Federation of Unions of South Africa said on Thursday it would, with its largest affiliate the Public Servants Association, enforce its right in terms of the Companies Act to inspect the records of retail group Steinhoff, which is embroiled in an accounting scandal.
"The Company Act determines that any person who holds or has a beneficial interest in any securities issued by Steinhoff has a right to inspect and copy the information contained in the records of the company, as well as any other information to the extent granted by the memorandum of incorporation," Fedusa said.
"Our attorneys already informed Steinhoff in the prescribed manner and in writing ... about our intended inspection."
South African unions are worried that their members employed by the government may have lost a large chunk of their pensions through investments by the Government Employees’ Pension Fund (GEPF ) and Public Investment Corporation (PIC) in Steinhoff, which suffered a sustained run on its listed shares in Deceber after revelation of accounting irregularies.
"It is important for Fedusa and the PSA to do everything in our power to protect the pension fund investments of our members and workers in general," the union said on Thursday.
Fedusa said it would collaborate and co-operate with the chairperson of parliament's standing committee on finance, the Financial Services Board (FSB), the South African Reserve Bank, the PIC, GEPF, the Independent Regulatory Board for Auditors (IRBA) and the JSE securities exchange.
- BUSINESS REPORT ONLINE