7 December 2018

South Africa: Scopa Demands Answers On Steinhoff, VBS and Pic's Other Troubled Investments

analysis

The Public Investment Corporation (PIC) is rid of two executives and has moved to debar them for having failed to inform it of the looting at VBS Mutual Bank. Not quite what happened at Steinhoff, another PIC investment, although the PIC is part of a class action suit.

This emerged in Thursday's briefing to Parliament's watchdog on government spending, the Standing Committee on Public Accounts (Scopa). MPs also heard that with R183-billion invested in State-owned Entities, more than half that in the troubled power utility Eskom, the PIC is re-assessing its risk there.

The Public Investment Corporation (PIC) - the state-owned asset manager that controls some R2-trillion in government workers' pensions and social savings - came with a 14-strong delegation of board directors and executives to the after-hours session on the last day of the 2018 parliamentary calendar in meeting venue E249.

Parliament's watchdog on government spending, the Standing Committee on Public Accounts (Scopa), had called the meeting over a series of controversial investments by the state-owned asset manager of some R2-trillion of government...

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