Lancaster 101 in court bid to have Reserve Bank’s exchange control nod for Steinhoff overturned
Jayendra Naidoo aims to ask for reversal of approvals that put local investors at a disadvantage
Jayendra Naidoo’s investment vehicle, Lancaster 101 (L101), which borrowed billions of rand from the Government Employees Pension Fund to buy shares in Steinhoff, has lodged a court application to obtain documents from the Reserve Bank. This comes ahead of Lancaster 101’s application to overturn Bank approvals enabling the expatriation of the global furniture retailer’s asset base.
It was not evidently clear from the application how a reversal of the Reserve Bank’s decisions would strengthen Lancaster’s hand in the settlement negotiations currently under way with Steinhoff...