Monday 19 August 2019
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dailymaverick - 5 days ago

BUSINESS MAVERICK: State worker pension fund could take a R12bn hit from Steinhoff share collapse

The bruising loss could have been minimised if the Public Investment Corporation (PIC) hadn’t sold its derivative insurance structure that protected it against a collapse in the value of Steinhoff shares. The structure was linked to a R9.35bn loan extended by the PIC to Lancaster Group, a BEE investment vehicle, to buy Steinhoff shares.


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