Amazingly, after resisting efforts by the DA’s David Maynier with all manner of specious arguments for five long months, last week the Public Investment Corp (PIC ) provided even more detail of its unlisted investments than it had been asked for. Full marks to the PIC for that. The public, thanks to Maynier’s determination, was given sight not only of the names of the 250 investments in the PIC’s Isibaya Fund but also of the amounts involved and, much more importantly, the names of specific directors. For example, did anyone outside the PIC and the board of Independent News & Media realise the extent to which oversight of the media company was a family affair? There are no fewer than three members of the Survé family on the company’s board – Iqbal, Saarah and Fatima. Despite being the main funder, the PIC managed to secure only one appointment to the board. To date the Independent has been the most controversial of the PIC’s unlisted investments, though at R1.3bn it is far from the ...
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