The Public Investment Corporation (PIC) is preparing to take a hit of as much as R6.8bn to its portfolio as it writes down the value of its investment in the embattled Land Bank.
The PIC is a creditor to the Land Bank, having invested as much as R9.69bn in the state-owned agricultural financier as at the end of March 2019, the most recent audited results for the bank show. Its support has been consistent over the past few years, hovering between a low of R9.47bn and a high of R9.85bn at successive year ends since 2016...
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