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Due diligence: The Mpati Commission found that the PIC had not always adhered to sound policies, processes and frameworks. Photo: Screenshot

Hunt on for PIC’s lost billions

Despite asset growth to R3.7 trillion, questions persist over distressed loans and legacy investment scandals

Freedom to express fundamental rights versus administrative action by the South African Revenue Service exposes a fundamental link to communal interests and justice in a constitutional democracy. (Oupa Nkosi)

Two-pot a R4bn bonanza for Sars

Many South Africans are relying on the new two-pot retirement system for immediate financial relief

According to media reports, a deal has been struck outside court between the Public Investment Corporation (PIC) and Iqbal Survey’s company AYO Technology. (Gallo Images / Foto24 / Lerato Maduna)

PIC settlement: Pension fund must work for society, not a tiny elite

The AYO affair shows the GEPF should stop backing the ANC’s destructive BEE project, pull out of the stock market and support the public sector instead

Still living large: Former Steinhoff chief executive Markus Jooste, who lives in a luxury home in Hermanus was in charge when the scandal happened. (Edrea du Toit/Rapport/Gallo Images)

Steinhoff relies on legal ‘fig leaf’

Journalists’ court case challenges corporates that hide behind legal ‘professional’ privilege’

Iqbal Survé’s Sekunjalo Investment Holdings denies it owes the PIC more than R1-billion it used to acquire the media group. (Delwyn Verasamy/M&G)

Survé set to testify at PIC inquiry

Survé is expected to testify after Kuben Naidoo, the deputy governor of the South Africa Reserve Bank

The investment saw PIC take a 25% stake in the Independent Media group.

GEPF was ‘uncomfortable’ with PIC’s Indy Media investment

Concerns raised by GEPF on investment in Independent Media were overlooked by the PIC

The changes appear to have been instituted by two former PIC officials and members of the PIC board, who have since been debarred from the financial services sector.

How mystery changes to a R350m VBS loan cost the PIC millions

VBS is bankrupt and was liquidated in November, after being placed under curatorship by the South African Reserve Bank in March 2018

Former Steinhoff CEO Markus Jooste. (David Harrison/M&G)

Fictitious and irregular deals key to Steinhoff heist

The summary of a PwC report sketches an outline of the conspiracy at the heart of efforts to inflate the retail group’s profits and assets

The PIC stepping in to help Edcon stay afloat will stabilise the broader clothing industry, some investment experts argue. (Oupa Nkosi/M&G)

Edcon: Experts split on PIC lifeline

Should the giant be left to sink or should it be helped to stay afloat in South Africa’s retail storm

(John McCann/M&G)

Warning: State pension woes to come

The GEPF is facing increasing heat over its performance and increasing costs

The commission is headed by former Supreme Court of Appeal president, Justice Lex Mpati. (David Harrison/M&G)

Suspension of PIC executive did not follow normal procedure, Mpati inquiry hears

The suspension of Fidelis Madavo, an executive at the PIC, was announced prior to him taking the stand at the Mpati commission

The pension fund industry will resist being forced to invest in state assets unless there are viable projects in which to do so. The Government Employees’ Pension Fund has already loaned Eskom which is building Medupi money before. (Madelene Cronjé)

Not on to use pensions to bail out state

The suggestion in the ANC’s election manifesto on prescribed assets has drawn fire

Survé, testifying before the commission for two days last week, had said that AYO had done nothing wrong and the PIC’s R4.3bn investment was sound.(Lerato Maduna/Gallo)

Struggling investments sting PIC

The state pension fund is feeling the pain of its stakes in Steinhoff and Independent Media

‘Matjila is not the PIC. The inquiry will go ahead as planned,’ says PIC board chair Mondli Gungubele (Delwyn Verasamy/M&G)

Gungubele: PIC inquiry to go ahead

The departure of Dan Matjila will not hinder the commission of inquiry tasked with probing allegations of maladministration in the PIC

Bantu Holomisa has called for the suspension of all unlisted investments at the PIC. (David Harrison/M&G)

UDM calls on Ramaphosa to tackle ‘iceberg of corruption’ at PIC

The PIC is a state-owned company tasked with managing nearly R2-trillion in assets, more than 98% of which belongs to the government or its employees

Former Public Investment Corporation chief executive Dan Matjila. (David Harrison/M&G)

PIC still limping from Steinhoff blow

Underwriting a loan between the retailer and its BEE partner has cost the asset manager R3.3-billion

Sygnia CEO Magda Wierzycka (Angie Lazaro)

Magda Wierzycka takes on JSE over ‘dubious’ listings

The Cape Town based executive wants the JSE to be held accountable for failing to protect investors’ interests

PIC chief executive Dan Matjila.

Who will call the PIC to account?

Its due diligence claims are being questioned after the exposure of several large dubious investments

In March, Moody’s downgraded Eskom’s credit ratings from B2 from B1, citing an absence of concrete plans to place its business on a sound financial footing.(Madelene Cronje/M&G)

PIC gives Eskom R5-billion lifeline

The Public Investment Corporation has given the cash-strapped parastatal a loan to fund the utility’s operations in February.

The retailer’s stock is still down by over 95% from where it was before news of Markus Jooste’s resignation reached the market.

Digging under way after Steinhoff collapse

​After a long silence over the Steinhoff International saga, which cost investors R200-billion, investigators are now kicking up the dust.