Stuart Theobald tackles a critical matter in his article, "Nene’s insistence on nontransparency at Public Investment Corporation is off-track" (June 4). Surprisingly, "the list of bad investments" he cites — VBS Mutual Bank, Independent Media, Ayo Technology and Erin Energy — when he argues for greater transparency excludes the investment disasters in Steinhoff, Brait and Famous Brands, which collapsed by 92%, 51,5% and 34.2% respectively in 2017. The disastrous PIC investments he chose to ignore happen to be three of the four biggest losers on the JSE in 2017. The companies he singles out for scrutiny are all run by black managers, while the biggest value demolishers for the PIC in 2017 had white managers. Sadly, Theobald’s choice of supporting facts appears to reveal prejudice, rather than the actual risks he seeks to highlight. Themba Ntuli Westcliff
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