BUSINESS MAVERICK: Like the ANC, SA’s biggest pension fund manager had two centres of power By Ray Mahlaka rayMahlaka
The ANC and Public Investment Corporation had something in common in recent years: The concept of two centres of power.
This has been described as the two centres of power by current and former PIC employees at the commission of inquiry into allegations of impropriety and governance deficiencies at the PIC. Matjila and More face allegations of tightly controlling investment decisions, creating a climate of fear and using public servants’ money to invest in questionable deals — even flouting approval processes.
More said the restructuring took place in 2015, which resulted in the creation of new executive roles to better manage its large listed and unlisted investment portfolio. She defended the restructuring, saying it was global best practice. More cited Canada’s state pension fund which she said had two executive roles — a CEO and CFO.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lawyers ask Canada to stop process of extradition against Huawei CFOMeng Wanzhou has been held in Vancouver since December on charges alleging she misled global banks about Huawei's relationship with a firm in Iran
Read more »
CEO resigns after prepping TymeBank for liftoffSandile Shabalala leaves for ‘personal reasons’ while former Nedbank executives arrive on board
Read more »
Born Free makes plea for final ban on trophy and canned huntingThe wildlife charity's CEO Howard Jones said public support was now needed more than ever.
Read more »
Brian Molefe heads to ConCourt to keep Eskom pension payoutThe high court and the Supreme Court of Appeal both ruled that the money Brian Molefe had received should be paid back. But now, the former Eskom CEO is headed to the Constitutional court charging, among other things, he did not get a fair hearing.
Read more »
BUSINESS MAVERICK: Sad end to talc mine illustrates SA’s small business crisisIn his hour-long State of the Nation Address on Thursday, President Cyril Ramaphosa referred to small businesses only twice. In supporting small businesses, he said the government wants to create an enabling operating environment by reducing the cost of doing business and regulatory compliance. However, his promises fell on sceptical ears.
Read more »