The PIC invested in Steinhoff precisely because it presenteditself as a stable earner and...
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The PIC invested in Steinhoff precisely because it presented
itself as a stable earner and as close as you could get to being
a sure bet for growing the pension fund. You can talk about whether the
PIC, the Public Investment Corp, had done the right kind
of research beforehand and they obviously hadn't
seen the crash coming, but it ultimately meant that
people's pensions took a knock
itself as a stable earner and as close as you could get to being
a sure bet for growing the pension fund. You can talk about whether the
PIC, the Public Investment Corp, had done the right kind
of research beforehand and they obviously hadn't
seen the crash coming, but it ultimately meant that
people's pensions took a knock
Full Transcript
00:00:01.000 --> 00:00:02.006
The PIC invested in Steinhoff
00:00:02.601 --> 00:00:05.681
precisely because it presented
itself as a stable earner
00:00:05.682 --> 00:00:09.519
and as close as you could get to being
a sure bet for growing the pension fund.
00:00:09.052 --> 00:00:12.279
You can talk about whether the
PIC, the Public Investment Corp,
00:00:12.028 --> 00:00:14.088
had done the right kind
of research beforehand
00:00:14.881 --> 00:00:17.004
and they obviously hadn't
seen the crash coming,
00:00:17.401 --> 00:00:19.801
but it ultimately meant that
people's pensions took a knock.
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Movie Summary
The biggest corporate scandal in South African history, the fall of Steinhoff led to a loss of R200 billion. Steinheist untangles the story: the investors who were taken in; the victims and the CEO, Markus Jooste, who's still a fr...
