The businessman says the investment by Lancaster 101 in Steinhoff, supported by the PIC and a major international investment bank, was well structured
Following the testimony of the Public Investment Corporation’s previous executive head of risk Paul Magula at the Mpati commission on Monday, a number of irregularities surrounding the granting of a R9.3bn loan to a consortium led by Jayendra Naidoo have been highlighted.
This meant that when the Steinhoff shares collapsed in the wake of the accounting revelations, the PIC was forced to write down the value of the loan by R4.2bn last year. JN: There is no community trust as referred to in the affidavit attached to your e-mail. The shareholders in Lancaster 101 RF Ltd are the PIC , Lancaster Group and the Lancaster Foundation Non-Profit Company .
BD: Could you provide us with more information regarding the loan: was it a non-recourse loan, that is, did Lancaster or you personally have to provide any surety or collateral outside of the shares being bought with the proceeds of the loan? And how was the loan priced? What was the duration of the loan?
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