That changed on Monday with the testimony of Pamela Phala, a senior member of the legal department at the Pretoria-based Public Investment Corp. Ahead of her sworn statement, she performed several lines of self-written verse to describe what she sees as the demise of a once-great South African institution.
The PIC was once a pillar of justice that “held scales in its left hand and in its right a sword,” she told three stony-faced commissioners. “But in the course of time, the laws of the land were corrupted,” she said. “Might took the place of the right. And the weak were oppressed. And the mighty ruled with an iron rod.”
Responsible for most South African government workers’ pension funds, the PIC is being probed over allegations of wrongdoing linked to various investments that have contributed to financial losses and a host of senior departures. In line with earlier witnesses, Phala testified of questionable behavior by former Chief Executive Officer Daniel Matjila and his successor Matshepo More, who she said tried to fire her using electronic surveillance on her computer.
The PIC’s legal department was corrupted by board interference and the regulatory framework is haphazard, Phala said, urging the commission to make that a matter of urgency. Ending on a more positive note, she said she believes the PIC will recover and a “new era will bring a new dawn.”
Hemos resumido esta noticia para que puedas leerla rápidamente. Si estás interesado en la noticia, puedes leer el texto completo aquí. Leer más:
España Últimas Noticias, España Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Business Maverick: South Africa Names Ex-Alexander Forbes CEO to Rebuild Tax AgencSouth African President Cyril Ramaphosa appointed Edward Kieswetter, a former chief executive office of insurer Alexander Forbes Group Holdings Ltd., as the head of the nation’s tax agency.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »
Business Maverick: South Africa Holds Key Rate as It Cuts GDP GrowthHigher power, food and fuel prices will likely crimp household spending and limit prospects for stronger economic growth, resulting in the South African Reserve Bank having to hold the nation’s key interest rate for the rest of the year.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »
Business Maverick: South Africa Extends Probe Into Africa’s Biggest Money ManagerPresident Cyril Ramaphosa granted a judicial commission an extra three months to finish its investigation into allegations of wrongdoing at the government workers’ pension-fund manager.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »
Motsepe urges business to help counter effects of natural disasters in AfricaPatrice Motsepe and his wife Precious Moloi-Motsepe carried cheques for R30 million, R15 million each for Mozambique and Zimbabwe when they joined the humanitarian caravan to Beira and Harare on Thursday.
Fuente: ewnupdates - 🏆 30. / 53 Leer más »
Business: Economists Split on South Africa Avoiding Moody’s Negative CutSouth Africa may just be able to cling onto the stable outlook of its sole investment-grade rating this week, helping it stay clear of a forced selloff of billions of rand of its debt.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »
Meet South Africa, the business destinationSPONSORED | SA_NCB Beyond the tourism-worthy features, the hosts of business events and the millions of delegates who have visited SA over the years have experienced another aspect – its appeal as a business destination. Read more.
Fuente: BDliveSA - 🏆 12. / 63 Leer más »
Two SA airports named best in Africa at Skytrax World Airport Awards | IOL Business ReportAirports Company South Africa’s airports serving Cape Town and Durban have been named Africa’s best in the 2019 Skytrax World Airport Awards.
Fuente: IOL - 🏆 46. / 51 Leer más »