PIC inquiry interrogates advisory fee payments to associate of Nhlanhla Nene’s son
Investment manager pays commissions to individuals that hold stakes in projects
The inquiry into the Public Investment Corporation (PIC) on Tuesday questioned the fund manager's advisory fee payments to a firm linked to former finance minister Nhlanhla Nene's son. The topic was raised at the commission, chaired by retired judge Lex Mpati, when the PIC’s Wellington Masekesa, a former chief of staff to ex-PIC CEO Dan Matjila, described the events that led to the state-owned asset manager contributing debt and equity to S&S Refineria in Mozambique. The PIC, which manages more than R2-trillion in assets on behalf of the Government Employees Pension Fund (GEPF) and other social security funds, has been embroiled in numerous controversies. They include allegations of corruption against a number of its directors and allegations that politically connected individuals and companies unduly benefited from PIC investments. The S&S deal had been introduced to the PIC in October 2014 by businessman Amir Mirza and Siyabonga Nene, the son of Nhlanhla Nene, who was deputy finan...
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