Pepkor comes through for its indebted executives
The retailer has met obligations of more than half a billion rand for executives that borrowed money to buy shares in Steinhoff
Pepkor, SA’s largest non-grocery retailer, has met all obligations relating to the debts of its executives that borrowed money to buy Pepkor shares that were later exchanged for Steinhoff shares before news of former Steinhoff International CEO Markus Jooste’s departure collapsed the Steinhoff share price, along with the collateral of banks involved in the deal.
The admission that a bridge loan facility equivalent to R519m was advanced by Pepkor to Business Venture Investments No. 1499 (BVI) to settle a loan provided by Rand Merchant Bank (RMB), a division of FirstRand Bank, was made in the notes accompanying the financial statement of Steinhoff Investment Holdings published on Friday. ..
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