PIC denies investment in Edcon was the result of political pressure
Asset manager says R1.2bn contribution to the struggling retailer’s recapitalisation helped save 140,000 jobs and was commercially driven
The Public Investment Corporation (PIC), which is the largest investor in SA, has responded to suggestions that it invested in Edcon because of political pressure, saying that it was in the national interest to contribute to the turnaround of the struggling retailer.
“The PIC has been following media reports suggesting that it has been politically pressured to invest in Edcon, a nonfood retailer operating in Southern Africa. The PIC would like to state, at the outset, that this suggestion is misinformed. PIC’s investment is underpinned by sound commercial, social and governance principles,” it said in a statement...
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