Questions are being raised over a R1.2-billion investment the Public Investment Corporation made into an insolvent company.
The bailout of the Daybreak poultry farm was in focus at the PIC inquiry on Wednesday. Courtesy of #DSTV403
JOHANNESBURG - The bailout of the Daybreak poultry farm was in focus at the PIC inquiry on Wednesday. Royith Rajdhar, a former Daybreak non-executive board member and PIC employee, testified he saw the potential in the farm after looking at its assets and liabilities.The PIC was originally a 54 percent shareholder in Daybreak. The organisation gradually invested to the point where it is the 100 percent owner.
Rajdhar told the commission that the only reason why the PIC took over 100 percent of Daybreak was as a result of the company being in jeopardy.While the PIC went into an investment with Daybreak when it was insolvent, the organisation said the business is doing very well now. Rajdhar said he understands acquiring shares in Daybreak was a stressed asset; despite all the troubles the PIC continued to believe it was worth it.
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.
Combining forces to win Total BEE deal was mutually beneficial, PIC inquiry hearsSakhumnotho chair Sipho Mseleku disputes the account of consortium leader Lawrence Mulaudzi that Dan Matjila forced the two bidders to merge ahead of the lucrative deal
Read more »
Combining forces to win Total BEE deal was mutually beneficial, PIC inquiry hearsSakhumnotho chair Sipho Mseleku disputes the account of consortium leader Lawrence Mulaudzi that Dan Matjila forced the two bidders to merge ahead of the lucrative deal
Read more »
Adjusted Ayo finacial statements being audited, PIC inquiry hearsAccounting adjustments were made to reflect higher profits in AYO's interim financial statements, the Public Investment Corporation commission of inquiry has heard.
Read more »
WATCH LIVE: Former Ayo board member gives insight into PIC investmentFormer Ayo board member Abdul Malik Salie gives evidence at the PIC inquiry on the inner workings of the firm and the investment deal with the Public Investment Corporation.
Read more »
PIC: Happy Mother's Day from little ArchieMeghan, Duchess of Sussex, celebrated her first Mother's Day with a special post featuring her and Prince Harry's newborn son, Archie.
Read more »
Iqbal Survé intimately involved in Ayo listing, PIC inquiry toldPICInquiry “At the meeting, Survé’s recommendations were incorporated in the draft PLS and a valuation of R13bn was determined.”
Read more »
LIVESTREAM: PIC inquiry continues as allegations pile upControversial Ayo Technology Solutions was valued much more than what it appeared to be in reality.
Read more »
LIVESTREAM: PIC Inquiry resumes after two-week breakThe inquiry chairperson, Judge Lex Mpati, previously heard how processes were flouted when it came to investing millions into certain companies.
Read more »
Iqbal Survé intimately involved in Ayo listing, PIC inquiry toldAbdul Malick Salie directly contradicts Survé’s denial that he had nothing to do with the listing
Read more »