THE Public Investment Corporation (PIC), the state-owned asset manager that manages primarily the Government Employees Pension Fund (GEPF), said yesterday that it welcomed the decision of the Western Cape High Court to approve Steinhoff International Holdings Proprietary Limited’s proposed global settlement.
The more than R24 billion settlement aims to pay out claimants who suffered when the company lost its value as a result of alleged accounting irregularities.
The PIC said it noted the Steinhoff group’s “preparations for the co-ordination of the steps required and will separately contact those counter-parties who need to take any action (for example, to receive funds and/or PPH shares).”
“The PIC, together with other institutional investors, has since 2018 been involved in legal processes to recoup losses suffered when the company lost its value. The PIC believes the settlement agreement is a positive step for those invested in Steinhoff,” the PIC said in a statement.
BUSINESS REPORT ONLINE