GIPF's Steinhoff suit still pending

15 August 2019 | Business

The Government Institutions Pension Fund of Namibia is not backing down from a bid to sue Steinhoff for losses stemming from investments made in the company.

The pension fund administrator reportedly lost N$700 million in investments in the retail holding company, which owns shares in Pep, Tekkie Town, Hifi Corporation and Incredible Connection, among others.

GIPF CEO David Nuyoma had earlier indicated intent to participate in a class action suit against Steinhoff.

Asked about the progress of this action, Nuyoma said the GIPF was still assessing its losses. Once that process had been completed, it would institute a civil suit against Steinhoff to recover the losses.

“At this stage we do not have a timeline on when this legal case will be completed. Even though the GIPF has already provided for the full exposure of the Steinhoff loss in its 2017/18 annual financial year, the full extent of the loss will only be determined once the legal process against Steinhoff has been completed,” he said when approached for comment.

Nuyoma previously said GIPF was teaming up with other affected companies to sue Steinhoff to recover a portion of their losses.

“GIPF is participating in the class action (which implies collectively suing Steinhoff for any losses that may be realised) known as the BarentsKrans by various creditors. Any recovery will only be determined once the process has run its course,” he said.

Nuyoma has also been previously quoted as saying that Steinhoff's impact on GIPF would be minimal, constituting less than 1% of its total assets under management. He added that Steinhoff had shares in many retail companies that still held value and once the information had been crystallised, there would be value to be realised.

Steinhoff posted a loss of €1.19 billion (N$20 billion) for the year ended September 2018, FIN24 reported in June this year.

The €1.19bn loss compares to a restated loss of €3.99 billion (roughly N$65 billion at current exchange rates) for the 12 months ended September 2017.

OGONE TLHAGE

Similar News

 

Millions invested in Safari Hotels

2 days ago - 14 May 2021 | Business

Jo-Maré Duddy – Following failed plans to merge with United Africa Group (UAG), Safari Hotels and Conference Centre announced that it has been acquired by...

Deep Yellow appoints ex-Rössing boss

2 days ago - 14 May 2021 | Business

Jo-Maré Duddy – Deep Yellow, owner of Reptile Uranium Namibia, has appointed Chris Salisbury, a former managing director of Rössing, as its chairperson.The Australia-based company...

Copper dips on US data

2 days ago - 14 May 2021 | Business

Copper prices eased yesterday, as the US dollar held gains on higher than expected US inflation, making greenback-priced metals more expensive for holders of other...

Company news in brief

2 days ago - 14 May 2021 | Business

Naspers, Prosus launch share swap dealDutch-listed technology investor Prosus NV plans to raise its stake in South African parent Naspers to nearly 50% in a...

Tourists trickle back to Namibia

4 days ago - 12 May 2021 | Business

Namibia has managed to attract 23 997 tourists since the launch of the country's International Tourism Revival Initiative about eight months ago, according to the...

Company news in brief

4 days ago - 12 May 2021 | Business

Clicks eyes Pick n Pay's pharmaciesSouth African pharmacist Clicks plan5 to acquire 25 in-store pharmacies, their drug stocks and staff from retailer Pick n Pay.In...

Nam, US launch AGOA strategy

5 days ago - 11 May 2021 | Business

Staff Reporter - Namibia’s African Growth and Opportunity Act (AGOA) Utilisation Strategy, which was launched yesterday, will boost the country’s exports to the United States.Namibia...

Cattle market continues to decline

6 days ago - 10 May 2021 | Business

The Agricultural Bank of Namibia (Agribank) has reiterated that climate variability remains a risk to the agriculture sector and to the economy at large.Nonetheless, Agribank...

Company news in brief

6 days ago - 10 May 2021 | Business

Airbus Jan-April deliveries up 25%Airbus delivered 45 jets in April, bringing its total so far this year to 170 - up 25% from the same...

Mergence acquires majority stake in Ejuva

1 week ago - 07 May 2021 | Business

Staff Reporter - Mergence Unlisted Investment Managers (Namibia) has increased its shareholding in the two Ejuva renewable energy projects at Gobabis from 17% to a...

Latest News

Millions invested in Safari Hotels

2 days ago - 14 May 2021 | Business

Jo-Maré Duddy – Following failed plans to merge with United Africa Group (UAG), Safari Hotels and Conference Centre announced that it has been acquired by...

Deep Yellow appoints ex-Rössing boss

2 days ago - 14 May 2021 | Business

Jo-Maré Duddy – Deep Yellow, owner of Reptile Uranium Namibia, has appointed Chris Salisbury, a former managing director of Rössing, as its chairperson.The Australia-based company...

A new energy to August...

2 days ago - 14 May 2021 | People

Monique AdamsBorn and raised in Katutura, Hangula attended Mandume Junior Primary School, then Namutoni Senior primary school and A. Shipena Secondary School.She recalls not being...

HR is the backbone of...

2 days ago - 14 May 2021 | Others

Frans ShilongoOrganisations cannot function properly without HR. HR is the custodian of the organisation’s policy and staff rules which maintain orderly conduct. It is the...

Certified ghetto lovers

2 days ago - 14 May 2021 | Art and Entertainment

MICHAEL KAYUNDE WINDHOEK With the release of their joint album ‘Ghetto Love’...

Catastrophe could have been prevented

2 days ago - 14 May 2021 | Economics

Robin Millard - The catastrophic scale of the Covid-19 pandemic could have been prevented, an independent global panel concluded Wednesday, but a "toxic cocktail" of...

EDITORIAL

2 days ago - 14 May 2021 | Opinion

The lethargic and lackadaisical manner in which the Namibian government is dealing with the abuse meted out against Namibians in the Zambezi Region by the...

Chrissla Essentials - a local...

2 days ago - 14 May 2021 | Others

Hinauarue Rijatua MiLash Cosmetics - that would eventually blossom into what is now known as Chrissla Essentials Cosmetics CC - made its debut in...

An undying passion for numbers

2 days ago - 14 May 2021 | People

Michelline NawatisesPolicia Stefanie Mostert (nee Groenewaldt) was born and raised in Rehoboth. She attended Origo Primary School and Dr Lemmer High School. She attained a...

Load More