PIC inquiry hears testimony on poultry farm bailout

The bailout of the Daybreak poultry farm was in focus at the PIC inquiry on Wednesday. Courtesy of #DSTV403

JOHANNESBURG - The bailout of the Daybreak poultry farm was in focus at the PIC inquiry on Wednesday.

Royith Rajdhar, a former Daybreak non-executive board member and PIC employee, testified he saw the potential in the farm after looking at its assets and liabilities.

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The PIC was originally a 54 percent shareholder in Daybreak. The organisation gradually invested to the point where it is the 100 percent owner.

Rajdhar told the commission that the only reason why the PIC took over 100 percent of Daybreak was as a result of the company being in jeopardy.

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While the PIC went into an investment with Daybreak when it was insolvent, the organisation said the business is doing very well now.

Rajdhar said he understands acquiring shares in Daybreak was a stressed asset; despite all the troubles the PIC continued to believe it was worth it.

Source
eNCA