PIC chair stands firm on prescribed assets

Deputy finance minister and chair of the Public Investment Corporation (PIC) David Masondo has shot down talk of prescribed assets, saying foreign investor confidence in the efficiency of SA capital markets would be undermined, further reducing the savings pool.

Masondo said overall capital market operations, effectiveness and efficiency would decline should asset prescription be reintroduced in SA, both the intermediation of the listed equities and the bond market, with share prices falling, the yield curve distorting, and transaction costs of all debt increasing...

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