PIC suspends legal proceedings against Steinhoff - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

But it has warned that should this fail by the end of the month, it will have no alternative but to take Steinhoff to court to recoup R28 billion of public servants’ pension funds.

PIC officials were back before Parliament to account for the billions of rands of government employee funds lost to Steinhoff.PIC head of legal Lindiwe Dlamini says, “To the extent that Steinhoff fails to come to the party, we are simply going to reactivate the litigation. The reason why we embarked on the mediation process was to find an expeditious way to settle this claim that the pic has put to Steinhoff.

Government Employees Pension Fund Investment Manager, Fikile Mbokoda says, “We are not happy with the PIC, that is why we have set a bar limit of R2 billion on transactions. Above R2 billion the PIC needs to come and request approval on that.”PIC Chairman Reuel Khoza says, “We are actually pursuing that. There is class action which effectively says we work in common purpose with other creditors to Steinhoff. We are not oblivious of the need to actually cooperate internationally.

The investment corporation says Steinhoff has also refused to hand over the forensic investigation report by PricewaterhouseCoopers that uncovered the rot at Steinhoff.

😳

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PIC to resume legal action against Steinhoff should mediation fail - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.PIC to resume legal action against Steinhoff should mediation fail The Public Investment Corporation (PIC) says it is ready to resume with legal action against Steinhoff should the mediation process between the two entities fail.
Source: SABC News Online - 🏆 32. / 51 Read more »

Investigation exonerates Stellenbosch University Rector - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.An independent investigation has exonerated the Rector of Stellenbosch University, Professor Wim de Villiers, of attempting to interfere in the Constitutional Court litigation related to the University's 2016 Language Policy. Has helenzille cared to comment and maybe (!) apologised yet? Take note waldimar you did a hatchet job on this.
Source: SABC News Online - 🏆 32. / 51 Read more »

Cricket SA apologises to journalists - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Cricket SA apologises to journalists Cricket South Africa’s (CSA) embattled Chief Executive, Thabang Moroe, has personally apologised to the journalists who had their accreditation revoked on Sunday. This thief must be arrested Don't apologise, resign. Why is SABC3 not showing today's MSLT20 match?😔
Source: SABC News Online - 🏆 32. / 51 Read more »