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Lancaster launches legal bid to recover funds invested in Steinhoff

Sibongile Khumalo Share Lancaster 101 says it has launched legal proceedings against Steinhoff to reclaim the R12bn it invested in the disgraced retail giant. The empowerment company said the claim stems from misrepresentations by Steinhoff which it relied upon when it made the investment in 2016, in a deal largely funded by the Public Investment Corporation (PIC). Lancaster claims repayment of a total of approximately R12bn, which includes accrued interest, said the company. The investment has featured prominently in the ongoing inquiry into the PIC, with ex-board member Claudia Manning admitting during her evidence that, in hingsight, the state-owned fund manager made a mistake when it decided to back the deal.

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