29 Sep IDC responds to Sunday Times article ‘How IDC lost R1.5 bn on dud steel plant’
The IDC notes the article published in yesterday’s edition of the Sunday Times carrying the headline ‘How IDC lost R1.5 bn on dud steel plant’.
This article infers that the IDC may have engaged in reckless lending which ultimately resulted in loss of public funds. In efforts to recover its funds, the Corporation identified several material breaches by parties involved in this transaction.
Accordingly, IDC is currently pursuing active criminal and civil proceedings against SA Steel mills in efforts to recover its investment in the business.
Further to this, the IDC confirms that it has been engaged in labour-related matters with its employees to determine their roles and extent of negligence among other issues related to this transaction.
However, due to our governance processes, confidentiality and respect for labour and employee relations, we can’t comment further on the status of the process.
