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R9.3bn loan to Lancaster 101 for Steinhoff shares above board - PIC official

The loan was approved by former CEO Dan Matjila long before revelations of the fraud scandal that led to the collapse of Steinhoff.

FILE: Steinhoff's offices in Stellenbosch. Picture: Supplied

JOHANNESBURG - Public Investment Corporation (PIC) official Rampomane Raseroka says he is not aware of any flouting of processes in the granting of a R9.3 billion loan to Lancaster 101 to buy shares in retail conglomerate Steinhoff.

“To my knowledge the PIC processes were not flouted. Throughout the annexure we show the process that this transaction went through for approval, including the BEE trust,” he said.

The loan was approved by former CEO Dan Matjila long before revelations of the fraud scandal that led to the collapse of Steinhoff.

It has emerged at the inquiry that the PIC was forced to write down the value of its loan by R4.2 billion because of the collapse of the retailer.

Raseroka is testifying at the PIC Inquiry that is looking into allegations of impropriety at the state pension fund manager.