Commercial decisions often taken without guidance, leaving it open to legal risks, commission told
The Public Investment Corporation is understaffed and sometimes fails to guard against legal risks when new investments are made, the asset manager’s acting head of legal counsel, governance and compliance said on Thursday.
“The PIC in the normal course of the business is generating transactions the size of other asset managers in this space. But unfortunately from a capacity point of view we are finding ourselves lagging seriously in that we are entrusting all these transactions to effectively two personnel,” she said.
As security for the loan, the PIC would take over the shares if Lancaster defaulted. When Lancaster later obtained another loan from Citibank to acquire an additional stake in separately listed Steinhoff Africa Retail , the PIC agreed to subordinate 100% of the shares it held as security under Project Sierra. This meant that Citibank had the first claim to those shares should Lancaster default.
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