Final day of PIC probe peeps under the Steinhoff covers

Business

Final day of PIC probe peeps under the Steinhoff covers

It now has until the end of October to complete its investigation and submit a report to the president

Warren Thompson

Hearings into allegations of governance failures at the Public Investment Corporation (PIC) came to a close on Wednesday after seven months of testimony by dozens of people seeking to shed light on the investment decision-making process at the state-owned asset manager. 

The commission of inquiry, headed by justice Lex Mpati, wrapped up with testimony from businessman Jayendra Naidoo, who corroborated former PIC CEO Dan Matjila’s testimony on the thinking behind a substantially written down R9.35bn loan the PIC advanced to his company, the Lancaster Group, to buy shares in Steinhoff. 

The loan, along with investments in an initial public offering of Iqbal Surve’s Ayo Technology Solutions (https://www.sharenet.co.za/v3/quickshare.php?scode=AYO) and privately held investments under its R45bn Isibaya Fund, is one of the high profile deals that critics have said warranted a broader scrutiny on how the PIC deployed some of the R1.8-trillion in pension money belonging to civil servants. ..

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