PPF opens docket of inquiry for criminal charges against Steinhoff

09 December 2017 - 14:17 By Timeslive
Steinhoff International Holdings Ltd
Steinhoff International Holdings Ltd
Image: Supplied

The Progressive Professionals Forum (PPF) says it is opening a docket of inquiry for criminal charges against beleaguered global retailer Steinhoff and its directors following allegations of fraudulent transactions.

The forum said it would also write a report to the Public Protector requesting her to initiate a comprehensive enquiry into asset management companies sub-contracted by the Public Investment Company (PIC) to assess if they are not also involved in alleged acts of economic terrorism.

It would also be lodging a complaint with the South African Revenue Service (SARS) for possible tax crimes.

“What is of major concern to the PPF is that the allegations and the revelations which have caused Steinhoff's share price to drop are not only funds of private citizens but funds of civil servants in particular poor blacks - who are in a majority in the Public Sector and other civil servants whose pension funds are managed by the Public Investment Corporation which has invested billions in Steinhoff equities‚” the PPF said in a statement.