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.
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