By the end of its 2019 financial year, the Government Employees Pension Fund , which is the biggest source of funds for the Public Investment Corporation , would have been hit with impairments of nearly R12-billion for its exposure to troubled retailer Steinhoff.
This estimate is in line with the one provided by former PIC CEO Dan Matjila on July 18 at an inquiry looking at governance issues at the PIC. He believes the GEPF took an R11.6-billion hit from Steinhoff – meanwhile, the GEPF is yet to confirm this in its yet-to-be published 2019 annual report. Matjila confirmed that the Lancaster 101 loan would be impaired/written-off by R11.6-billion, which includes the original loan of R9.35-billion plus interest as at March 2019. Naidoo didn’t dispute this impairment figure.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Foreigners Are Dumping South African Bonds as Junk Status LoomsInvestors have been dumping South African government bonds at a rate of almost 2 billion rand ($132 million) a day in August.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: No IMF bailout in the near future, say (some) analystsIs South Africa about to go on bended knee to the IMF, triggering years of austerity and populist politics? There seems to be a growing consensus that it is, but there are dissenting voices out there. They note that South Africa is not on the verge of a balance of payments crisis and that its debt levels are underpinned by long-term issuance and deep liquidity. That doesn’t mean policymakers should be complacent.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Global uncertainty places bond investors in a binary bindWith more than $15-trillion of bonds now offering negative yields and US Treasuries now well below 2% and possibly heading for zero, bond market investors are facing tricky times. Their future investment experience hinges on whether governments lead the global economy into a worst-case or best-case scenario – something over which they have no control.
Source: dailymaverick - 🏆 3. / 84 Read more »