The Public Investment Corporation , Africa’s largest asset manager, has no trace of documents to show how and why it invested almost R4bn into an obscure oil company with links to the ANC and former president Jacob Zuma.
Despite investing in the company, the PIC, which looks after government workers’ savings, could not find any documents or investment committee minutes to support its reasoning for the transaction, according to evidence at the Mpati commission of inquiry into governance failures at the asset manager. The disclosure was just the latest example of alleged disregard for basic corporate governance standards at the PIC — which is the single biggest investor on the JSE — under the leadership of the previous CEO, Dan Matjila.
The PIC’s executive responsible for oil and gas, Ndivhuwo Tshikhudo, who joined the state-owned asset manager after it had made the investment, wrote a report in 2017 highlighting concerns about Camac’s business model and financial sustainability.The JSE’s head of issuer regulation, André Visser, confirmed that it had received two letters from the PIC ahead of Camac’s listing in 2014 confirming their support for the listing.
How is this, less of an outrage, than someone insulting another? I don't see the outcries....
Incredible! How many people were involved? Don’t think R4bn gets released by 1 rogue person?
BandiMchunu No leadership/captain whatsoever in that ship.
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