Dan Matjila reveals loan to Jayendra Naidoo gave PIC a seat on Steinhoff board
Backing for former union leader Jayendra Naidoo’s firm cost asset manager R12bn, says Matjila
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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