South Africa govt pension fund says shareholding in Steinhoff eroded after scandal

CAPE TOWN (Reuters) – South Africa’s Government Employees Pension Fund (GEPF) said on Wednesday its shareholding in Steinhoff depreciated from 24.1 billion rand ($2 billion) on Nov. 30 to 1.8 billion rand by Dec.31 in the wake an accounting scandal at the retail group.

GEPF made the remarks in a presentation handed in to a joint committee meeting at parliament, where a preliminary hearing on Steinhoff was being held.

Steinhoff, owner of more than 40 retail brands including Poundland in Britain, has admitted “accounting irregularities”, triggering an 85 percent share slide.

($1 = 11.8900 rand)

(Reporting by Wendell Roelf; Writing by Nqobile Dludla; Editing by James Macharia)

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