South Africa: Steinhoff was a 'good buy' for PIC at the time, witness tells inquiry By News24
This is according to evidence presented to the PIC commission of inquiry on Tuesday by an official who was involved in the transaction that later led to a R4.3bn impairment in the investments of the Government Employees Pension Fund.
Botsang Morobe, an Investment Associate at the PIC, provided the inquiry with details of discussions that took place prior to the deal with Lancaster signed in August 2016.“There was a view that this was the asset to buy,” she said, explaining that the international retailer had been reporting positive earnings in previous years and paying dividends.
In 2016, Lancaster 101, an entity led by former unionist Jayendra Naidoo, approached the PIC for funding to acquire a 3% shareholding in Steinhoff. The transaction was aimed at advancing the participation of black groups in the retail sector. Later assessments, however, showed that Naidoo was considered a “low risk” as he was no longer actively involved in politics.
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