One of the Public Investment Corporation’s (PIC’s) first investments outside SA pushed the limits of responsibility and undermined its role as the steward of millions of civil servants’ savings.  This follows from the testimony at the commission of inquiry into the PIC on Tuesday by Altu Sadie who was employed as the CFO for cards and electronic banking at the West African financial services group Ecobank Transnational.   Sadie described how the PIC initially invested $250m in April 2012, equivalent to R2bn at the time, into Ecobank, based in Togo and active in 37 countries globally including Nigeria. The PIC’s investment was augmented by a $98m annual revolving loan in December 2016 and the purchase of a $250m convertible bond in September 2017, Sadie said. The PIC’s initial investment, through which it acquired an 18% stake in Ecobank, caused it to receive the right to appoint a director to the board. PIC CEO Dan Matjila took up the board appointment and according to Sadie ...

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