KHAYA SITHOLE: Big-man culture blights more than just the PIC
Large personalities create a climate of fear and a reluctance to challenge orders from the top
On December 21 2017, a company called Ayo listed on the JSE. That night, I tweeted about how surprising it was that anyone would list a company at that time of the year when South Africans had all but disengaged from matters of that nature.
History would later confirm that the Ayo transaction was in fact no ordinary listing. Its genesis and eventual conclusion formed a central part of the commission of inquiry into the Public Investment Corporation (PIC). The various role players — ranging from an unknown assistant manager, Victor Seanie, PIC executives whose commitment to due process was fleeting at best, and the CEO who may or may not have been friends with Iqbal Survé — all offered different versions of the story.