EDITORIAL: Daybreak’s collapse raises questions about PIC governance
PIC and GEPF directors, being responsible for state pensioners’ money, have far more onerous responsibilities than most boards in monitoring the entities they have invested in
22 May 2025 - 05:00
Asked how bankruptcy happens, one of the characters in Ernest Hemingway’s The Sun Also Rises answers: “Two ways. Gradually, then suddenly.”
The collapse of the Daybreak Farms chicken operation could not have happened suddenly. A business of this scale, founded 25 years ago and now with 3,400 employees across several provinces, must have been seriously neglected for a long time to end up owing R500m, with workers unpaid and birds starving and cannibalising each other. ..
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