This after the retailer’s share price plunged by almost 70% following the resignation of CEO, Markus Jooste on Tuesday, over what the company has described as an “accounting irregularity”.  

SACTWU’s Etienne Vlok says that about 4 300  SACTWU members are employed by the Steinhoff Group which includes Dunns, Shoe City, PEP Stores and Ackermann's, as well as Steinhoff affiliated company KAP Industrial Holdings. 

Vlok says they are concerned about the problems, and how they could affect the workers. Steinhoff stated in a statement released on Tuesday that the company has since approached accounting firm Price Waterhouse Coopers  (PWC) to investigate the alleged “irregularities”, while billionaire Christo Wiese had been appointed as interim CEO. 

It has been reported that German authorities are investigating Markus Jooste and others over allegations of fraud.

Meanwhile, the Government Employees Pension Fund (GEPF) lost over R 12 billion in the Steinhoff share collapse. GEPF is invested in South African investment entity, Public Investment Corporation (PIC), which has money invested in Steinhoff.

GEPF has declined to comment saying they had met with Steinhoff and would be releasing a media statement on the matter.

- OFM News