The possibility that looters are out to steal the keys to the Public Investment Corporation (PIC) has triggered panic among pensioners and in the country as a whole. The PIC, with R1.9-trillion under management, is the biggest pot of money in the economy. Because of its size, it is already invested in most of the top JSE companies and is also the biggest holder of bonds issued by state-owned enterprises. There is certainly evidence that such a plan is under way. The story of the emergence of dubious allegations about CE Dan Matjila that were presented to the board two weeks ago, has been well told. So too has the story of the role of the new chairman, Sfiso Buthelezi, and his deputy, Xolani Mkhwanazi, who — against the majority in the board — insisted that Matjila be investigated further. While their plan had been to secure a full-scale fishing expedition, opposition from the board forced them to settle for a lesser process: an inquiry by internal auditors. On Sunday, Matjila decide...
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