PRETORIA – Within a year of the Public Investment Corporation’s participation in Jayendra Naidoo’s acquisition of 2.75 percent of Steinhoff, through his empowerment group Lancaster – dubbed Project Sierra – the Steinhoff share price began to decline and this impacted on the PlC’s security package.
Morobe, who is an associate principal in Isibaya Private Equity & Structured Investment Products at the PIC, said she could not confirm how the transaction was originated and whether there had been prior iterations of the investment proposal before her involvement. Morobe related to the commission how Project Sierra was taken through a series of Investment Committee meetings for consideration, but the committee members were not completely satisfied with the transaction and required the transaction team to do additional work.
Morobe said the Investment Committee approved the transaction although she was not present at the final committee meeting.
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