LETTER: Pension fund gets zero from PIC investment in Iqbal Survé companies
PIC has been accused of abandoning litigation to recoup the money it invested
On May 4 the Association for Monitoring and Advocacy of Government Pensions issued an embittered media statement in which it resigned itself to the Government Employees Pension Fund (GEPF) receiving no financial benefit from the more than R5bn invested by the Public Investment Corporation (PIC) in Iqbal Survé-linked companies. It, in effect, accused the PIC of abandoning litigation to recoup the money.
Sixteen days later Warren Thompson’s article described how the Bakubung community in the North West had been immiserated by a R900m PIC deal (“Community in the dark after plug pulled on inquiry into PIC’s bad loan (https://www.businesslive.co.za/bd/national/2021-05-20-community-in-the-dark-after-plug-pulled-on-inquiry-into-pics-bad-loan/)”, May 20). It detailed how the PIC had in effect abandoned litigation to recoup this bad investment — exactly what the association claimed...
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