PIC pressed to tell more about its R45bn unlisted investment portfolio
THE Public Investment Corporation’s (PIC) unlisted investment portfolio’s value more than doubled in two years to reach R45bn at end-March 2016.The PIC has not disclosed the nature of these assets, and is under increasing pressure to do so, particularly from DA finance spokesman David Maynier.PIC chief investment officer Dan Matjila said in July he had briefed lawyers to advise him on what was at stake if he disclosed its unlisted shareholdings as this could be in breach of confidentiality agreements. Further clarity could not be obtained on Friday.In 2015-16, the PIC’s unlisted investment portfolio increased by R15.8bn (55%) from R28.8bn to R45bn, more than double the 2014 figure. The PIC’s annual report tabled in Parliament on Friday said its unlisted investments facilitated 132,000 jobs.The PIC, which manages the assets of the Government Employees Pension Fund, the Unemployment Insurance Fund, the Compensation Fund and other social security funds had total assets under management...
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