The PIC has nothing to show for $270m investment into oil exploration company

The Public Investment Corporation has not been able to provide any documents to support its $270m investment into Camac Energy, whose shares were suspended on the New York Stock Exchange and the JSE last year.

The PIC invested in Camac Energy, which was since renamed Erin, via two tranches of $135m each in 2014, when the oil exploration company listed on the JSE. The report apparently fell on deaf ears, as the PIC proceeded to issue a $100m guarantee to support a loan from Mauritius Commercial Bank. “The letters were signed by Leon Smit, head of fixed income at the PIC, and Dr Dan Matjila, the [then] chief investment officer,” stated Visser.

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