The Public Investment Corporation , which is the largest investor in SA, has responded to suggestions that it invested in Edcon because of political pressure, saying that it was in the national interest to contribute to the turnaround of the struggling retailer.
Deon Botha, head of corporate affairs at the PIC, said the state-owned asset manager, which oversees more than R2-trillion in government employees’ pension money and other government funds, had followed the necessary procedures. “In making the investment decision, the PIC subjected the transaction to the PIC’s rigorous internal investment processes and did not succumb to any external political or union pressure as suggested by some media houses,” he said.
However, Edcon CEO Grant Pattison said on Thursday unions had played an important role in getting the PIC on board. He also said the recapitalisation programme had been a success.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Standard Bank and Citi have highest earnings from investment banking feesOf the $227m earned by investment banks in the first half of 2019, Standard Bank topped the tables with a 14% market share
Source: BDliveSA - 🏆 12. / 63 Read more »
CFA designation: investment management’s highest distinctionSPONSORED | CFA_SA The CFA Programme provides the strongest foundation in advanced investment, analysis, and real-world portfolio management skills for a career advantage that you will use at all stages of your career. Read more.
Source: BDliveSA - 🏆 12. / 63 Read more »