ANALYSIS | Harith's genesis: the PIC's complicated birth of company piloting new SAA

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Tshepo Mahloele.
Tshepo Mahloele.
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Some companies are designed to be labyrinthine – comprising entities within entities with Gordian Knot-like organograms of titles and hierarchies designed to befuddle those attempting to glimpse their true nature.

The Mpati commission’s report on the Public Investment Corporation (PIC), echoes this idea when discussing Harith - the key shareholder in the Takatso consortium that will own a majority of SAA - and that company’s convoluted genesis inside the state-owned asset manager.

"The layering of legal entities… when applied by financiers and corporate structure experts, can make finding the substance, and not form, of a transaction or series of transactions complex and quite perplexing," the commission said of Harith.

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