State pension fund hit by R7.4bn in write-offs
The fund had R7.4bn in impairments for the 2017/18 financial year, compared with R995m the previous year.
The pension fund responsible for managing the savings of government employees has written off two of its most controversial investments at a cost of R5.3bn.
The Government Employees Pension Fund’s (GEPF) R4.3bn investment in Steinhoff’s empowerment shareholder, Lancaster, which is partially owned by Pepkor Holdings chair Jayendra Naidoo, was rendered worthless after the 2017 accounting scandal wiped off about R200bn of the furniture retailer’s value.
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