ROB ROSE: The PIC’s exposure to corporate train wrecks
With its finger in so many JSE pies the Public Investment Corp is exposed to all the train wrecks, such as Steinhoff and African Bank
No wonder Daniel Matjila is said to be negotiating to leave the Public Investment Corp (PIC) before his contract expires next year. Last week, the Mail & Guardian reported that Matjila "is ready to step down, and has told senior ANC government leaders he is intending to ask his board to consider a golden handshake". There’s already an independent inquiry scheduled into the PIC’s practices, and the newspaper said there was concern that Matjila could "spill the beans about how senior ANC politicians benefited financially from the PIC". But this is only part of the gruelling year he’s had. The PIC, which has by far the largest investment clout on the African continent, also hasn’t had the greatest year when it comes to some of its choices. True, it’s all been pretty hideous for a whole range of companies (CEOs you don’t want to be this year: Markus Jooste, Des de Beer, and whoever is in the chair at Texton this week). And, given the PIC’s immense size — it is said to own about 11% of t...
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