Jayendra Naidoo has told a commission of inquiry into the Public Investment Corporation that his involvement with Steinhoff arose from an initial effort to acquire shares in Pepkor, through a long-standing business relationship with former chair Christo Wiese.causing a share collapse and multiple lawsuits from former business partners and aggrieved shareholders that included Wiese.
“To be clear, BEE has never been the sole determining factor in any business transaction I have been associated with,” Naidoo said. The pension fund is expected to impair the balance of the loan plus accrued interest of a further R7.3bn for the year ending March 2019, given that Steinhoff's shares are currently trading at R1.28 per share.
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