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.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PIC has no record for R4bn investment into obscure oil exploration companyThe Public Investment Corporation (PIC), 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. does dailymaverick or PaulivW know anything about this?
Source: SowetanLIVE - 🏆 13. / 63 Read more »
PIC has no record for R4bn investment into obscure oil exploration companyIn case you missed our top story | PIC has no record for R4bn investment into obscure oil exploration company 😳😳 A billion a day keeps the Dr at bay Disco Dan the puppet Baba the puppet master Somethings are just a waste
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: BDliveSA - 🏆 12. / 63 Read more »
PIC investment into Ecobank was speculative, inquiry witness suggestsInvestment into West African financial services group was a poor one, down $165m or 66% over the last seven years , former exec testifies Mahlathini was busy running Besek with our Pensions monies?
Source: BDliveSA - 🏆 12. / 63 Read more »