Heat on PIC to release details of unlisted investments
The DA's David Maynier applies under the Promotion of Access to Information Act for the asset manager to disclose assets worth R70bn
The Public Investment Corporation (PIC), Africa’s largest asset manager, is under pressure to release details of its unlisted investment portfolio valued at about R70bn. The PIC, which has more than R2-trillion in assets under management, invests on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund and the Compensation Fund, among others. The transparency of the PIC’s investments has become critical in view of some of its questionable investment decisions and the bid by embattled state-owned companies such as SAA and Eskom to dip into its reserves. DA finance spokesperson David Maynier has made an application to the PIC under the Promotion of Access to Information Act for the corporation to disclose its unlisted investment portfolio for 2017/18. It has disclosed these investments for the previous two years but has not done so in 2018. The PIC’s head of corporate affairs, Deon Botha, said the PIC will “in due course” make its unlisted investments...
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