PIC looking to limit funding of multiple companies linked to same owner

2019-05-15 22:19

The ongoing judicial commission of inquiry into the PIC has heard evidence of the same people repeatedly receiving funding from the state-run asset manager.

Businessman denies ex-PIC boss forced merger in Tosaco deal

2019-05-13 17:50

Sakhumnotho chairperson Sipho Mseleku has rejected evidence that former PIC boss Dan Matjila imposed a partnership between the company and another entity in a Total SA empowerment transaction.

Pensioners subsidising deals that lack 'investment rationale', PIC inquiry hears

2019-03-11 15:59

Government pension fund holders are subsidising BEE deals conducted by the Public Investment Corporation without a strong investment rationale, according to evidence heard by the inquiry probing the affairs of asset manager.

PIC inquiry resumes with more ex-employees expected to give evidence

2019-03-11 06:29

The commission of inquiry into the PIC will resume on Monday, with board members and former employees expected to give evidence on the governance of the state-owned asset manager.

Corruption case against ex-PIC boss Dan Matjila still open, inquiry hears

2019-03-05 19:44

A corruption case against former Public Investment Corporation CEO Dan Matjila is still open, according to evidence heard by the judicial commission of inquiry into the state-run asset manager.

Focus on quantity rather than quality in PIC investments - former director

2019-03-04 15:27

According to the interim findings of a PIC governance review report, the asset manager was focused on the quantity of deals, with less attention paid to quality.

PIC board faced division, tension over Matjila corruption allegations - Gungubele

2019-02-25 12:14

Deputy Finance Minister and chair of the board of state-run asset manager the PIC Mondli Gungubele testified on Monday on how the allegations of corruption against former CEO Dan Matjila led to a strain among board members.

Key witnesses lined up as PIC inquiry resumes

2019-02-24 08:45

Key witnesses are set to testify before the Commission of Inquiry into the PIC this week.

Diversify investment of public servants' pensions - advocacy group

2019-02-02 16:03

A non-profit has called for more diversified management of public sector employees' funds, whose contributions are mainly administered by the PIC.

Anonymous whistle-blower 'James Nogu' looms large at PIC inquiry

2019-01-28 13:42

A forensic investigator hired by state asset manager the Public Investment Corporation to probe the source of confidential leaks completed his job without uncovering the identity of a whistle-blower called 'James Nogu'.


UPDATE: Adjustments were made to AYO financial statements, but they're being audited - inquiry hears

2019-05-14 20:00

Accounting adjustments were made to reflect higher profits in AYO Technology Solutions' interim financial statements, the PIC commission of inquiry heard.

PIC inquiry hears of WhatsApp message to Gigaba warning about risks to 'the project'

2019-04-24 17:16

The judicial commission of inquiry into the PIC has heard that former finance minister Malusi Gigaba received a message in late 2017 warning him that removing Dan Matjila as PIC boss would be "catastrophic" and a setback to an unspecified "project".

I take responsibility, but it wasn't me, says ex-PIC exec linked to VBS saga

2019-03-11 15:36

A former PIC executive who was implicated in the financial saga of the collapsed VBS Mutual Bank has sought to clear his name.

'I own the PIC', ex-CEO Dan Matjila is said to have told employee

2019-03-06 16:30

The former head of the state asset manager's IT department also told the judicial commission of inquiry into the PIC that former PIC CEO Dan Matjila instructed her to hand over all admin passwords.

Matshepo More drove campaign of 'rampant unfairness', ex-IT head tells PIC inquiry

2019-03-05 17:30

The inquiry, headed by former president of the Supreme Court of Appeal, Justice Lex Mpati, is investigating allegations of impropriety and maladministration at state-run asset manager.

PIC inquiry resumes after AYO bombshell

2019-03-04 07:28

The judicial commission of inquiry into state-run asset manager the Public Investment Corporation resumes after hearing evidence from a number of board members, including chairperson Mondli Gungubele.

Deputy finance minister testifies at PIC inquiry

2019-02-25 09:47

Mondli Gungubele has started his testimony at the judicial commission of inquiry probing allegations of impropriety at the state-run asset manager.

Board walkout at PIC may risk investments

2019-02-05 08:21

A deepening crisis at South Africa’s biggest money manager the Public Investment Corporation is threatening to cast a pall over the economy and throw into doubt potential deals, including the bailout of one of the nation’s largest clothing retailers.

I have done nothing wrong - deputy finance minister insists amid whistle-blower storm

2019-01-30 15:54

The deputy minister of finance says he welcomes a probe of the allegations against him contained in an email by a whistle-blower, as he has done nothing wrong.

'Strange' that top PIC exec was suspended on eve of testimony - Fedusa’s Dennis George

2019-01-23 13:04

The PIC’s head of listed investments, Fidelis Madavo, was suspended following a probe into the corporation's controversial R4.3bn investment in AYO Technology Solutions.

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