PIC inquiry targets Steinhoff BEE deal
The government asset manager’s R9bn loan to Lancaster 101 enabled it to acquire a 2.75% BEE stake in Steinhoff International
The commission of inquiry into the Public Investment Corporation (PIC), which held its first meeting last week, has asked for detailed reports on nine recent investments involving politically connected individuals that the government asset manager made in private companies.
Of surprise is the inclusion of the PIC’s R9bn loan in August 2016 to Lancaster 101, which enabled it to acquire a 2.75% black economic empowerment (BEE) stake in Steinhoff International. While the transaction raised eyebrows because of its sheer size and the large holding by former trade unionist Jayendra Naidoo, it was not clear that it would be included.
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