Steinhoff International, has STOLEN serious money off innocent shareholders, to the tune of more than R100 BILLION or probably even more, and White Media calls it “accounting irregularities.”
The Government Employees Pension Fund (GEPF), through the Public Investment Corporation (PIC), has alone lost more than R16 BILLION or probably even more in Steinhoff Fraud and it was all TAXPAYERS’ MONEY.
The PIC funds looted by Steinhoff were meant for social welfare of native blacks and not to fill the pockets of white monopoly capital thieves.
And all this happened under the watch of Pravin Gordhan while White Media got everyone to focus on Guptas & Zuma.
Let that sink in!
The White Media has been consistently playing its well defined part in the REAL State Capture which is the result of White Greed.
In the last three days over R183 billion have been eroded at the JSE, all due to White Corruption, but that is all fine with the White Monopoly naysayers!
Whenever White Corruption is detected, White Media safeguards White Privilege by softening its blows, writing small or no articles at all, no in depth analysis for sure, and absolutely no name calling, no words like theft, or fraud, or loot, or corruption.
They’d rather keep the insults to be hurled at erring blacks.
It is really disgusting, or rather nauseating, the way our White Establishment is handling this OBNOXIOUS FRAUD & COLOSSAL THEFT.
Government pension fund has been looted to further WMC agenda.
Isn’t this State Capture by WMC?
Why is OUTA silent?
Where’s Hellen Suzman Foundation?
What about Save SA?
Or the Corruption Watch?
Where is the Country Duty brigade?
Why the White loving party DA silent?
Why is DA’s new found supporter, the EFF silent?
Did cat get Magda Wierzycka’s tongue?
And what about the saint, Peter Hain?
What happened to our much celebrated and serially awarded investigative journalists?
The likes of Sam Sole, Peter Bruce, Adriaan Basson, Ferial Haffajee, Pauli van Wyk, Barry Bateman, Max du Preez, Ranjeni Munusamy Redi Tlhabi, Alec Hogg, Stephen Grootes, Richard Poplak, and their ilk?
And the likes of Justice Malala, Eusebius McKaiser, Tumi Sole, Xolani Gwala, et al?
Where’s their righteousness disappeared?
Why are they all struggling to condemn the BIG FRAUD forcefully?
When are they organising a march to the doorsteps of the perpetrators against the outrageous loot?
Would they ask for black listing Steinhoff’s audit firm, Deloitte?
Would they call for laying criminal charges against the board, the directors or the shareholders that indulged in all the insider trading?
And most importantly, why is Pravin Gordhan silent?
Weren’t the investments by PIC, on behalf of GEPF, made in Steinhoff with his approval?
Or was it Mcebisi Jonas who pushed them through?
Or may be, it was Trevor Manuel who initiated all this?
Even the present Finance Minister, Malusi Gigaba and his Deputy are eerily silent.
And not to forget, their friend forever, Cyril Ramaphosa, the quintessential businessman, who is well known for shady deals himself, is conspicuous by his silence on the Steinhoff fraud!
When, if ever, will all these scoundrels be investigated?
Will the EFF, DA and the White Media stop shielding their WMC bosses by keeping silent on Steinhoff scam?
Will the likes of Amabhungane, Save SA and OUTA now confess their guilt of having protected the WMC lobby?
Why no one has yet called for Steinhoff’s bank accounts to be closed or frozen?
Why their employees and vendors and clients are not being hounded till their whole businesses crumble down?
Why no one has called for this Pension Fund Loot by Steinhoff to be included in state capture inquiry?
Do you know, why, gentlemen and ladies?
This is South Africa.
White Privilege rules, even in disgrace!
And the irony is, even the Rand price is unaffected by Steinhoff Fraud.
Makes one wonder if it is also empathetic to White Privilege somehow!
According to MoneyWeb –
There will hardly be an institutional shareholder in the country that escapes the carnage unleashed on the Steinhoff share price over the last few days.
Moneyweb has sourced the shareholder register of the company as at November 24 when the share price was at R55.89. We calculated the damage using a share price of R16.70 – where it was trading at 1.30pm on Wednesday December 6.
It makes for grim reading.
The Government Employees Pension Fund (GEPF), directly, through its holdings managed by the Public Investment Corporation (PIC), and indirectly, through parts of its investments farmed out to private asset managers, will be the largest loser behind Christo Wiese. They will be in good company though. Behind them sits every large asset manager in the country, including Allan Gray, Coronation, Investec, Foord, Discovery and Old Mutual. Large pension funds including those of Eskom and Sasol have also been hit.
The implications are clear: virtually every South African with investments in the form of retirement savings via retirement annuities or provident and pension funds, will all be poorer because of what has happened to Steinhoff.
And the White Media has the audacity to pass off the Steinhoff fraud as mere “accounting irregularities” is an indication of just how the cards are decked against the general public, specifically the black population, and how the media is complicit in this “legal loot” of people’s pension funds!
Initially, this story was covered by white monopoly : Peter Bruce & Co Being Illegally Financed by DA & EFF, Documents Reveal