PIC tells Pravin Gordhan it has no direct exposure to Gupta-linked businesses
The Public Investment Corporation (PIC), which has about R1.8-trillion in assets under management and an unlisted portfolio of about R45bn, informed Finance Minister Pravin Gordhan that it had no direct exposure to any company linked to the Gupta family. Gordhan disclosed this information in a written response to Parliament on Thursday. The PIC invests funds on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund, the Compensation Fund and other minor funds, and is the largest asset manager on the continent. Gordhan was not able to respond to COPE MP Deidre Carter’s question as to whether the Industrial Development Corporation had any such exposure, as the development finance institution falls under the control of the Department of Economic Development. DA leader Mmusi Maimane wanted to know in a parliamentary question whether VBS Mutual Bank (which lent President Jacob Zuma the R7.8m that he needed to pay for his share of the Nkandla upgrade) had ever de...
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