Pepkor comes through for its indebted executives The retailer has met obligations of more than half a billion rand for executives that borrowed money to buy shares in Steinhoff 18 December 2020 - 14:56 Warren Thompson Picture: BLOOMBERG/WALDO SWIEGERS
Pepkor, SA’s largest non-grocery retailer, has met all obligations relating to the debts of its executives that borrowed money to buy Pepkor shares that were later exchanged for Steinhoff shares before news of former Steinhoff International CEO Markus Jooste’s departure collapsed the Steinhoff share price, along with the collateral of banks involved in the deal.
The admission that a bridge loan facility equivalent to R519m was advanced by Pepkor to Business Venture Investments No. 1499 (BVI) to settle a loan provided by Rand Merchant Bank (RMB), a division of FirstRand Bank, was made in the notes accompanying the financial statement of Steinhoff Investment Holdings published on Friday.
Steinhoff Investments swung into a full-year loss
By Sandile Mchunu
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DURBAN - Steinhoff Investment Holdings, a wholly-owned subsidiary of Steinhoff International Holdings, on Friday swung into a full-year loss of R13.68 billion for the year to end September, negatively impacted by impairments and Covid-19 outbreak in its operations.
The group reversed a profit of R3.94bn it reported last year.
Steinhoff Investments said it recorded total impairments of R5.1bn during the financial year.
The group also made a provision of R9.4bn in respect of litigation settlement proposal and a foreign exchange loss of R5bn was recognised on the Steinhoff International Holdings Proprietary Limited contingent payment undertaking (SIHPL CPU) liability.