Lead South Africa

ANC welcomes probe into PIC

DURBAN, August 17 – The African National Congress (ANC) on Friday said it “welcomed” the announcement of a commission of inquiry on the Public Investment Corporation (PIC), saying that it was decisive action by President Cyril Ramaphosa. National Treasury announced on Thursday that Ramaphosa had agreed to appoint a commission of inquiry into the alleged improprieties at the state-owned […]

Business In The News South Africa

SA Civic organisation commends VBS fraud exposure and calls for expansion of probe

CAPE TOWN, July 9 – The South African National Civic Organisation (Sanco) on Monday commended VBS Mutual Bank curator Anoosh Rooplal for exposing “massive fraud” allegedly committed by directors of the institution, as well as its majority owner Vele Investments. VBS Bank has come under inspection after it was revealed that the bank was allegedly […]

Business Lead South Africa

Cosatu’s u-turn on state bailouts

JOHANNESBURG, February 6 – A few months after warning Finance Minister Malusi Gigaba not to dip into the government pension fund to rescue struggling state enterprises, the Congress of SA Trade Unions (Cosatu) said on Monday it “grudgingly supports” the R5 billion Eskom bailout by the Public Investment Corporation (PIC). “We understand the role of […]

Business In The News South Africa

Steinhoff’s Wiese resigns as chairman as accounting scandal roils company

JOHANNESBURG, December 15 – Troubled retail group Steinhoff said on Friday its chairman and major shareholder Christo Wiese had stepped down amid an accounting scandal that has also seen its chief executive quit and its shares plunge. “Dr Christo Wiese, Chairman of the Supervisory Board and delegated Supervisory Chairman, today offered to resign from the Supervisory […]

Business In The News South Africa

Gigaba to face rating agencies and investors at IMF and World Bank meetings

JOHANNESBURG, October 12 – Finance minister, Malusi Gigaba, is set to meet with sovereign credit rating agencies and investors in Washington D.C. this week as he tries to quell fears about the country’s political and fiscal uncertainty. This comes as Gigaba has demanded that the Public Investment Corporation (PIC), the country’s biggest investor in the economy, reveal its investments […]

Business Lead South Africa

Sunday Times report on PIC distasteful, inaccurate – Matjila

 PRETORIA, September 26 – Public Investment Corporation (PIC) chief executive Dan Matjila on Tuesday rubbished a newspaper article which quoted him as saying there are powerful individuals who are targeting him as they seek access to the R1.9 trillion of pension money he manages on behalf of South African government’s employees. “I think the article that appeared in […]