GEPF was ‘uncomfortable’ with PIC’s Indy Media investment | Business | M&G

On Monday, the judicial commission of inquiry investigating issues of impropriety at the Public Investment Corporation heard that the Government Employees Pension Fund was “uncomfortable” with the state-owned asset manager’s R2-billion investment into Independent Media.

He said in the risk report they complied concerns spanning from the print and media outlook and Independent media’s sporadic involvement in litigation: “This was a significant legal risk because it could be damaging both to reputation and financially [because the group ] was before the competition commission for investigation of anti-competitive practices,” said Mangalo.

Asked by investments expert Emmauel Lediga, an assistant to the commission, if the PIC usually put money in risky investments, Mangalo said it does, but the media group was a different kind of venture.

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