EDITORIAL: Does anyone know where the PIC put our R3bn?

Jaw-dropping revelations at the Mpati commission hearings that the state-owned asset manager cannot account for R3bn invested ‘somewhere’ are more than disconcertingJudge Lex Mpati and his fellow commissioners might as well stop now and start writing their final report.

Most readers would have had that annoying experience of having misplaced documents of various degree of importance. This was in relation to R3bn that the PIC invested in 2014 to support the listing of Camac Energy, later renamed Erin Energy, a little-known oil company founded by Nigerian businessman Kase Lawal. What is known about Lawal is that he was an associate of former president Jacob Zuma, and even accompanied the latter when he received an honorary degree from a university in Texas, US.

The commission has heard about myriad questionable deals that took place at the PIC during the reign of the former CEO, Dan Matjila. The question that should be asked is: how was this allowed to go on for so long? But what is emerging from the commission suggests that despite channelling 87% of the government workers’ money it is entrusted with to the PIC, the GEPF wasn’t overly concerned with the governance of the latter.

Ask billionaire undercover

Only a government agency can mislay R3billion as if it was chump change

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EDITORIAL: Does anyone know where the PIC put our R3bn?It is not only scandalous that the Public Investment Commission cannot account for a R3bn investment, it's equally disquieting that the Government Employees Pensions Fund seems unaware of that
Source: BDliveSA - 🏆 12. / 63 Read more »

EDITORIAL: Does anyone know where the PIC put our R3bn?It is not only scandalous that the Public Investment Commission cannot account for a R3bn investment, it's equally disquieting that the Government Employees Pensions Fund seems unaware of that
Source: BDliveSA - 🏆 12. / 63 Read more »

PIC has no record for R4bn investment into obscure oil exploration companyInvestment was made in obscure company with links to the ANC and former president Zuma BandiMchunu No leadership/captain whatsoever in that ship. Incredible! How many people were involved? Don’t think R4bn gets released by 1 rogue person? How is this, less of an outrage, than someone insulting another? I don't see the outcries....
Source: BDliveSA - 🏆 12. / 63 Read more »

Ayo Technologies to sue PIC for ‘billions’The Public Investment Corporation invested R4.3bn in Ayo in December 2017, but the deal has garnered controversy and is the subject of a commission of inquiry Whoa.... Now down to I sue you, you sue me.
Source: BDliveSA - 🏆 12. / 63 Read more »

PIC investment into Ecobank was speculative, inquiry witness suggestsInvestment into West African financial services group was a poor one, down $165m or 66% over the last seven years , former exec testifies Mahlathini was busy running Besek with our Pensions monies?
Source: BDliveSA - 🏆 12. / 63 Read more »

Standard’s Sim Tshabalala ‘stopped dubious R45m PIC payment’CEO Sim Tshabalala intervened to prevent former Public Investment Corporation boss Dan Matjila facilitating a 'potentially irregular' R45m fee
Source: BDliveSA - 🏆 12. / 63 Read more »