Investment was made in obscure company with links to the ANC and former president Zuma
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.
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.
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.
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
Read more »
The PIC has nothing to show for $270m investment into oil exploration companyThe PIC inquiry has been trying in vain to get documents relating to its 2014 investment in Camac Energy, whose founder has links to Zuma
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
Read more »
Former PIC CEO implicated during inquiryFormer CFO of Ecobank card and electronic banking department Altu Sadie testified before the PIC inquiry on Tuesday.
Read more »
Jason Momoa shares throwback pic from 'broke' GoT days | IOL EntertainmentJason Momoa travelled around Ireland in a van whilst filming the first season of GameofThrones because he was 'too broke to fly home'. IOL_Lifestyle
Read more »
WATCH: JSE in the hot seat at the PIC InquiryThe JSE was also in the hot seat at the PIC Inquiry on Monday.
Read more »
EDITORIAL: Does anyone know where the PIC put our R3bn?It is not only scandalous that the Public Investment Commission cannot account for a R3bn investment, it's equally disquieting that the Government Employees Pensions Fund seems unaware of that
Read more »
Standard’s Sim Tshabalala ‘stopped dubious R45m PIC payment’CEO Sim Tshabalala intervened to prevent former Public Investment Corporation boss Dan Matjila facilitating a 'potentially irregular' R45m fee
Read more »
LIVESTREAM: SA Home Loans CEO to testify at PIC inquiryOn Tuesday, the commission heard that former PIC CEO Dan Matjila allegedly pumped billions into west Africa-based EcoBank.
Read more »
WATCH: SA Home Loans CEO testifies at PIC inquiryOn Tuesday, the commission heard that former PIC CEO Dan Matjila allegedly pumped billions into west Africa-based EcoBank.
Read more »