Forensic investigation to probe new PIC corruption allegations
The PIC, which invests more than R2-trillion in government pension and other social funds, is currently subject to a judicial inquiry
The Public Investment Corporation's (PIC's) board will institute a forensic investigation into allegations of corruption against some of its members and the acting CEO. The allegations emerged in an anonymous e-mail. The PIC, which invests more than R2-trillion in government pension and other social funds, is the most influential investor in the economy. It is currently subject to a judicial inquiry after allegations of corruption were made against former CEO Dan Matjila. The e-mail was sent by “James Noko” on Monday afternoon to finance minister Tito Mboweni and copied widely to others, including staff and board members of the PIC and journalists. It makes startling allegations about board member Sibusisiwe Zulu, who has been on the board of the PIC for several years. Among the claims are that she is romantically involved with a man who has been the beneficiary of several BEE transactions funded by the PIC. Zulu is also an acting judge. During her time on the board she has been an ...
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