PIC under scrutiny over R70bn ‘unlisted’ investments

The PIC, Africa's largest asset manager, has come under intense scrutiny for some of its controversial investments decisions lately.

Former Public Investment Corporation (PIC) CEO Dan Matjila. Picture: PIC

CAPE TOWN - The Public Investment Corporation (PIC) has not disclosed details of R70 billion worth of its “unlisted” investments.

The Democratic Alliance (DA) says the PIC has disclosed detailed information about investments in its "unlisted investment portfolio" for the past two years before the medium-term budget policy statement, but not this time around.

The PIC, Africa's largest asset manager, has come under intense scrutiny for some of its controversial investments decisions lately.

One such investment is the R4.3 billion into Iqbal Survé’s IT company Ayo Technology Solutions.

DA MP David Maynier says there seems to have been an “about-turn” when it comes to greater transparency at the PIC.

Maynier says he will write to PIC CEO Dan Matjila requesting him to disclose detailed information about the R70 billion worth of investments made.

The DA has already written to finance committee chairperson Yunus Carrim, requesting he schedules a hearing with the PIC during the fourth term of Parliament.

(Edited by Shimoney Regter)