NEWS ANALYSIS: How Jayendra Naidoo scored R15bn from the PIC
Commission report takes issue with Lancaster’s failure to create a BEE trust in controversial Steinhoff transaction
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. ..