SARB blocks Pepkor share trade: ‘It’s stuck in the Steinhoff nightmare’ - Rob Rose
The South African Reserve Bank has blocked the trade of R12.5 billion worth of Pepkor shares amid its investigation into Steinhoff.
FILE: Pepkor Head Office, Parow, Cape Town. Picture: Pepkor Holdings via Wikimedia Commons
Stephen Grootes speaks with Rob Rose, author of 'Steinheist: Markus Jooste, Steinhoff & SA's Biggest Corporate Fraud'.
Listen below:
JSE-listed Pepkor, owner of PEP, Ackermans, and Tekkie Town, has been blocked from trading 506 million shares worth R12.5 billion amid the ongoing Steinhoff investigation.
The shares are owned by Ainsley Holdings, a wholly owned indirect subsidiary of Ibex, the company that took over Steinhoff’s assets and liabilities after it was liquidated.
The South African Reserve Bank is not allowing the transaction.
“The dealings in Steinhoff at the time, including the purchase of Pepkor, might have involved various rules being broken including the exchange control regulations.”
- Rob Rose, Author - Steinheist
RELATED: 7-THOUSAND page report into massive Steinhoff fraud finally released after years-long court battle
Rose argues that the Reserve Bank has taken too long to act on this and Pepkor has been fundamentally affected.
“Pepkor has been stuck in the Steinhoff nightmare, this hangover, for the past seven or eight years.”
- Rob Rose, Author - Steinheist
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