Former Public Investment Corporation CEO Dan Matjila at the PIC inquiry in Pretoria. Picture: REUTERS/SIPHIWE SIBEKO
Former Public Investment Corporation CEO Dan Matjila at the PIC inquiry in Pretoria. Picture: REUTERS/SIPHIWE SIBEKO

The Public Investment Corporation’s (PIC’s) loan to former trade union leader and businessman Jayendra Naidoo to buy shares in Steinhoff, which ultimately led to the asset manager losing nearly R12bn, was conceived to influence governance at the global furniture manufacturer and retailer.

This is according to the PIC’s former CEO, Dan Matjila.

Steinhoff’s shares crashed in 2017 after the retailer revealed a multibillion-rand account fraud that wiped out more than R200bn of shareholder equity and left it scrambling for working capital.

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