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Gill Marcus concerned about extent of PIC damage caused by Steinhoff collapse

The PIC bought shares worth R9.3 billion off Steinhoff through a loan with black empowerment company Lancaster 101 in 2016.

A screenshot of former Reserve Bank governor Gill Marcus at the PIC inquiry on 28 January 2019.

JOHANNESBURG - Public Investment Corporation (PIC) inquiry commissioner Gill Marcus says that she is concerned about the extent that the Steinhoff scandal left the investment management company exposed financially after the collapse of the retailer.

The PIC bought shares worth R9.3 billion off Steinhoff through a loan with black empowerment company Lancaster 101 in 2016.

The international retailer collapsed after revelations of widespread fraud and corruption were exposed two years ago.

On Tuesday, Public Investment Corporation’s fund principle Rampomane Raseroka testified that the PIC was forced to write off the value of its loan by R4.2 billion because of the collapse of Steinhoff.

The loan was approved long before revelations of the fraud scandal led to the collapse of the international retailer.

The PIC inquiry is investigating allegations of wrongdoing at the state-run asset manager.

Marcus wants to know the extent of the damage to the PIC.

“A significant cost to the PIC in terms of its investment, so if we could get that information as distinct from the Lancaster deal.”

But Raseroka couldn’t provide the commission with answers.

Marcus says the information is crucial to the work of the commission.

(Edited by Zamangwane Shange)

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