Futuregrowth keeps an eye on developments at the IDC
The Industrial Development Corporation has made transparency pledges regarding politically exposed persons, says activist fund manager
Fund manager Futuregrowth is keeping an eye on developments at the Industrial Development Corporation (IDC), one of the state-owned companies it previously froze funding to, after the development financier failed to disclose details relating to loans to politically exposed persons in its recently released annual report. The IDC committed to "disclose the quantum and performance of all deals concluded with politically exposed persons in their annual integrated report and on their website", Futuregrowth said on thawing its line of funding last November. IDC spokesman Mandla Mpangase confirmed in July that the corporation was on track to disclose these details on the release of its annual report on July 31. "In fact, our minister has given an undertaking to this effect," he said. But this did not happen. The sole reference to politically exposed persons in the annual report was one line from board chairman Busisiwe Mabuza saying that the corporation was still identifying appropriate fo...
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