The Commission of Inquiry into the Public Investment Corporation has revealed how Steinhoff’s BEE partner, Jayendra Naidoo and former CEO Dan Matjila colluded. The inquiry recently released a nearly one thousand-page report. Courtesy #DStv403
JOHANNESBURG - The Commission of Inquiry into the Public Investment Corporation (PIC) has revealed how Steinhoff’s BEE partner, Jayendra Naidoo, and former CEO Dan Matjila colluded when investing in Steinhoff.
The inquiry recently released a nearly thousand-page document, showing that Naidoo still owes the PIC R11.6-billion.
He has not serviced his loan for more than a year since the end of February 2019.
SUMMARY: Unpacking the PIC inquiry report
Serial wrongdoing is pointed out in the PIC's acquisition of a 2.75-percent stake in Steinhoff for R9.35-billion in 2016.
The commission found that the PIC should have purchased the shares directly in the market, instead of getting them through Naidoo.
The PIC Inquiry recommends that Matjila be held liable for the losses on the Steinhoff deal.