PIC inquiry starts with appeal for information and company overview
The commission of inquiry into allegations of impropriety at the Public Investment Corporation (PIC) began on Monday with executives providing background on how the state-owned asset manager operates. The PIC is wholly owned by the government and is the largest investor on the continent. It manages government pension and other funds worth about R2-trillion. Over the years, the PIC’s unlisted portfolio became an important source of funding for black entrepreneurs, but there have been allegations that deal making was influenced by political connections and wide speculation that it was used to channel funds to the ANC. The inquiry is led by retired Supreme Court of Appeal judge Lex Mpati, who is being assisted by former Reserve Bank governor Gill Marcus and investment banker Emmanuel Lediga. Mpati said in his opening remarks that those with knowledge of any untoward dealings involving the PIC could still approach the commission and if necessary provide evidence with their identities pr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.