Iqbal Surve gives evidence during the Judicial Commission of Inquiry into the Public Investment Corporation in 2019. IT group AYO has revealed the details of its confidential settlement with the Public Investment Corporation , saying it will repurchase R619 million in shares from the Government Employees Pension Fund and grant it two seats on its board. that still had at least two weeks to run. The PIC invests on behalf of the GEPF.
But on Monday morning AYO changed tack, saying it had agreed to repurchase just over 17 million shares from the GEPF for R619 million as part of the deal. Following the repurchase, the GEPF will retain a minimum shareholding of about 25% in the IT group.
Really smart negotiating by the PIC - further reinforcing their level of incompetence
Sounds like a great deal for everyone concerned.
Now you understand what is wrong with this country, too many unqualified persons playing fast and loose with other peoples money exactly like the government departments and municipalities. Still they vote for the thieves
This is how mafia organisations operate
How the PIC makes a small fortune! Invest a Large Fortune!
BantuHolomisa HermanMashaba I think you can do something about this nonsense of a settlement. It's not like PIC is doing us a favor by ensuring that it protects and maximise our pensions.
Never don't sell our assets ANC please xame on you devil ANC sis
🙄🙄🙄🙄🙄🙄👀👀👀nazoke R4billion ,government employees pension money..now their profits is R619million,I don't think there is money in the pension fund,not so long yhe minister will sign non disclosure from Pic,government pension fund, anything is possible
So R3.4 billion was stolen then...I love it🤣🤣🤣
That's not really news.
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