Jayendra Naidoo pulled off one of the most incredible transactions in the history of corporate SA when he convinced the Public Investment Corporation (PIC) to advance him billions of rand to buy shares in Steinhoff and its listed subsidiary, Steinhoff Retail Africa (Star).

As if the amount wasn’t enough — R9.35bn — Naidoo was required to put no money down and earned more than R100m  in fees for arranging a loan to himself.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now