The PIC bought shares worth R9.3 billion off Steinhoff through a loan with black empowerment company Lancaster 101 in 2016.
JOHANNESBURG - Public Investment Corporation inquiry commissioner Gill Marcus says that she is concerned about the extent that the Steinhoff scandal left the investment management company exposed financially after the collapse of the retailer.
The international retailer collapsed after revelations of widespread fraud and corruption were exposed two years ago. On Tuesday, Public Investment Corporation’s fund principle Rampomane Raseroka testified that the PIC was forced to write off the value of its loan by R4.2 billion because of the collapse of Steinhoff.
The loan was approved long before revelations of the fraud scandal led to the collapse of the international retailer.Marcus wants to know the extent of the damage to the PIC. “A significant cost to the PIC in terms of its investment, so if we could get that information as distinct from the Lancaster deal.”Marcus says the information is crucial to the work of the commission.
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