PIC clams up over loan to Lancaster
DA says asset manager’s CEO should give evidence on the role of Steinhoff’s empowerment shareholder in accounting scandal
The Public Investment Corporation (PIC) has refused to provide any details about the R9.3bn that it provided to Lancaster 101 in 2016 to drive transformation at Steinhoff International. Ahead of confirmation by the PIC it appears that government employees’ exposure to Steinhoff is substantially more than the R25bn indicated so far. The R25bn relates to the PIC’s 8.11% equity stake in Steinhoff and does not take into consideration the possibility that it will have to write off much of the R9.3bn loan to Lancaster. DA finance spokesman David Maynier said he would call PIC CEO Dan Matjila to give evidence on the role of the PIC and the Lancaster Group in the scandal surrounding Steinhoff. Maynier told Business Day he had proposed that Matjila be one of the key witnesses in the financial committee’s public hearings into the scandal. They are expected to take place on or about January 31. Lancaster is described as Steinhoff’s empowerment shareholder. It is 51% owned by the PIC and 49% by...
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