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.

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