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COSATU want 'corrupt' Steinhoff officials jailed

The Congress of South African Trade Unions (COSATU) has branded the allegations of fraud at Steinhoff as "nothing but naked corruption".

Steinhoff Int Holdings
Steinhoff International Holdings

The trade union federation is demanding action amid an investigation into accounting irregularities at the clothing and food retailer.

The CEO of Steinhoff International, Markus Jooste, has since resigned amid corruption allegations with Steinhoff International Holdings NV's stock dropping more than 61% on Wednesday.

Spokesperson Sizwe Pamla says those implicated in the alleged corruption and unethical behaviour should be prosecuted and sent to prison.

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"It is ironic that Christo Wiese [now interim executive chairman] has been condescending and sneering at radical economic transformation and pontificating about public sector corruption, when this naked corruption at Steinhoff also happened under his watch."

The Public Service Association (PSA), which represents over 230 000 government employees, estimated that the pension fund lost more than R12.5 billion of the money it has invested in Steinhoff.

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"PIC has already lost billions of workers' retirement savings through this corruption and we want the criminals responsible to be prosecuted and their assets seized," says Pamla.

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