In 2016, the PIC funded Jayendra Naidoo’s company Lancaster to buy shares in Steinhoff. The loan was for R9.4 billion to buy a 2.75% stake in the company.
Since Steinhoff’s troubles, the shares are trading at below R2 a share compared to the R98 per share at the time of purchase. Within a year of PIC’s participation in the Lancaster 101 transaction, the share price of Steinhoff began to decline.
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