PIC to resume legal action against Steinhoff should mediation fail

The Public Investment Corporation (PIC) says it is ready to resume with legal action against Steinhoff should the mediation process between the two entities fail.

In a presentation to Parliament’s Standing Committee on Finance, Acting PIC Chief Executive Officer Vuyani Hako says the mediation process between Steinhoff and its creditors and claimants resumed in May.

Some members raised concerns that the mediation process was open-ended but Hako reassured them that this was not the case.

“Mediation was intended to look into the prospects of a commercial agreement , intentions being to see if we can save as much money as quickly as possible. But the mediation process is not open ended and the last day for that mediation process is actually the end of December 2019. So if it does not yield any results we go back to the full steam legal process.”