EDITORIAL: Does anyone know where the PIC put our R3bn?
Jaw-dropping revelations at the Mpati commission hearings that the state-owned asset manager cannot account for R3bn invested ‘somewhere’ are more than disconcerting
Judge Lex Mpati and his fellow commissioners might as well stop now and start writing their final report. That there was something rotten in the state of the Public Investment Corporation (PIC), the state-owned asset manager entrusted with looking after the savings of government workers, has been evident for a while. Just when one thought they had heard it all, comes another bombshell. The latest one, revealed by evidence leader Jannie Lubbe, was shocking nonetheless. Most readers would have had that annoying experience of having misplaced documents of various degree of importance. It could be a child’s birth certificate when one is about to travel and remembers this might be the one time that department of home affairs officials at OR Tambo International Airport are awake and are therefore likely to ask for the document. Or maybe it’s the SABC chasing you for that TV licence payment you know you’ve made but have no physical record of. But a fund manager responsible for looking...
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