Reading Time: < 1 minute
The Commission of Inquiry into impropriety at the Public Investment Corporation (PIC) continues in Pretoria on Wednesday morning.
On Tuesday, an associate principle in private equity at the PIC, Botsang Morobe, testified how the corporation bought shares from Steinhoff for R9.35 billion were now valued at R200 million.
Morobe explained how the corporation invested in Steinhoff and lost its money.
Steinhoff share prices collapsed in the wake of an accounting scandal.
In 2016, the PIC invested over R9 billion in the global retail giant for a 2.75% BEE stake.
Click on video below:
