Investment into West African financial services group was a poor one, down $165m, or 66%, over the last seven years, former exec testifiesOne of the Public Investment Corporation’s first investments outside SA pushed the limits of responsibility and undermined its role as the steward of millions of civil servants’ savings.
Sadie described how the PIC initially invested $250m in April 2012, equivalent to R2bn at the time, into Ecobank, based in Togo and active in 37 countries globally including Nigeria. The PIC’s initial investment, through which it acquired an 18% stake in Ecobank, caused it to receive the right to appoint a director to the board. PIC CEO Dan Matjila took up the board appointment and according to Sadie was paid directors’ fees of $100,000, and sundry allowances of about $3,000, along with an allowance of $20,000 to purchase a pair of first-class airline tickets.
“Does the PIC mandate allow it to invest in highly speculative investments while suitable alternatives, for example, Stanbic IBTC with AAA [credit] rating exists?,” Sadie asked hypothetically during proceedings at the Mpati commission of inquiry into the asset manager.
Mahlathini was busy running Besek with our Pensions monies?
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