20°C / 22°C
  • Thu
  • 23°C
  • 9°C
  • Fri
  • 20°C
  • 10°C
  • Sat
  • 21°C
  • 9°C
  • Sun
  • 20°C
  • 7°C
  • Mon
  • 19°C
  • 7°C
  • Tue
  • 20°C
  • 7°C
  • Thu
  • 18°C
  • 11°C
  • Fri
  • 19°C
  • 11°C
  • Sat
  • 27°C
  • 12°C
  • Sun
  • 26°C
  • 15°C
  • Mon
  • 17°C
  • 11°C
  • Tue
  • 19°C
  • 11°C
  • Thu
  • 24°C
  • 12°C
  • Fri
  • 22°C
  • 11°C
  • Sat
  • 23°C
  • 10°C
  • Sun
  • 22°C
  • 8°C
  • Mon
  • 21°C
  • 7°C
  • Tue
  • 21°C
  • 7°C
  • Thu
  • 24°C
  • 9°C
  • Fri
  • 22°C
  • 8°C
  • Sat
  • 22°C
  • 7°C
  • Sun
  • 21°C
  • 6°C
  • Mon
  • 21°C
  • 5°C
  • Tue
  • 21°C
  • 7°C
  • Thu
  • 23°C
  • 15°C
  • Fri
  • 24°C
  • 16°C
  • Sat
  • 24°C
  • 17°C
  • Sun
  • 25°C
  • 16°C
  • Mon
  • 24°C
  • 14°C
  • Tue
  • 23°C
  • 17°C
  • Thu
  • 18°C
  • 10°C
  • Fri
  • 18°C
  • 8°C
  • Sat
  • 18°C
  • 10°C
  • Sun
  • 27°C
  • 18°C
  • Mon
  • 19°C
  • 14°C
  • Tue
  • 17°C
  • 11°C
  • Thu
  • 20°C
  • 7°C
  • Fri
  • 23°C
  • 8°C
  • Sat
  • 29°C
  • 13°C
  • Sun
  • 29°C
  • 14°C
  • Mon
  • 16°C
  • 7°C
  • Tue
  • 19°C
  • 6°C
  • Thu
  • 18°C
  • 11°C
  • Fri
  • 21°C
  • 10°C
  • Sat
  • 25°C
  • 15°C
  • Sun
  • 26°C
  • 15°C
  • Mon
  • 16°C
  • 11°C
  • Tue
  • 18°C
  • 11°C
  • Thu
  • 24°C
  • 10°C
  • Fri
  • 23°C
  • 11°C
  • Sat
  • 23°C
  • 10°C
  • Sun
  • 22°C
  • 10°C
  • Mon
  • 21°C
  • 8°C
  • Tue
  • 22°C
  • 7°C
  • Thu
  • 22°C
  • 6°C
  • Fri
  • 22°C
  • 8°C
  • Sat
  • 21°C
  • 8°C
  • Sun
  • 21°C
  • 6°C
  • Mon
  • 20°C
  • 6°C
  • Tue
  • 19°C
  • 7°C
  • Thu
  • 25°C
  • 9°C
  • Fri
  • 21°C
  • 13°C
  • Sat
  • 21°C
  • 9°C
  • Sun
  • 20°C
  • 8°C
  • Mon
  • 21°C
  • 6°C
  • Tue
  • 21°C
  • 7°C
  • Thu
  • 17°C
  • 8°C
  • Fri
  • 18°C
  • 7°C
  • Sat
  • 24°C
  • 10°C
  • Sun
  • 30°C
  • 18°C
  • Mon
  • 19°C
  • 12°C
  • Tue
  • 17°C
  • 8°C

PIC lost billions buying into Steinhoff without following procedure - Dlamini

The PIC spent R9.3 billion in the venture five months before the collapse of the international retailer.

Picture: Supplied

JOHANNESBURG - The Public Investment Corporation's (PIC) acting head of legal Lindiwe Dlamini has testified that the PIC lost billions by buying Steinhoff shares after failing to follow procedure.

The PIC spent R9.3 billion in the venture five months before the collapse of the international retailer, resulting in the state fund manager having to write off R4.3 billion of its investment.

Dlamini said the PIC failed to do conduct due diligence when it came to the Steinhoff deal it entered into with BEE company Lancaster 101.

Dlamini said legal warned the fund manager that it was exposed.

“From the security perspective, we’re of the view that this exposes the PIC in that the security proposed in that L102 structure is insufficient to cover the PIC’s full exposure on the L101 loan. To mitigate this risk, the PIC intends to negotiate a share hold and upside participation in R102 for the risk taken as a result of subordinating the PIC security in L101.”

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus