Archive for October 2019

Biggest Africa Money Manager Axes Whistle-Blower, Faces Backlash Africa’s biggest fund manager has been thrown into further turmoil after firing an assistant portfolio manager who warned that the Public Investment Corp. moved too quickly when investing in a little-known technology company. The PIC, which oversees 2.13 trillion rand ($146 billion) of mainly South African government worker…

PIC’s investment in Iqbal Survé’s AYO Technology claims first scalp Nine months after he was placed on suspension, the assistant portfolio manager at the Public Investment Corporation (PIC) Victor Seanie has been fired. Seanie blew the lid on Iqbal Survé-linked AYO Technology at the PIC commission of inquiry, saying the state-owned manager’s investment in the…

Old Mutual top investor wants end to CEO dispute Old Mutual’s largest shareholder wants the insurance giant to urgently end a months-long dispute with fired chief executive Peter Moyo, local media reports, citing Reuel Khoza, chairman of the Public Investment Corporation. The PIC told the Old Mutual board chairman Trevor Manuel to urgently resolve the…

Sekunjalo liquidation ‘logical’ to help protect state pensions – PIC interim chair Concerns that businessman Iqbal Survé’s Sekunjalo Holdings could be moving assets offshore, is one of the reasons why the Public Investment Corporation (PIC) believes it would be a logical step to have the company (Sekunjalo) liquidated, PIC interim chair Reuel Khoza tells Business…

Long road ahead for floundering PIC The Public Investment Corporation is working on boosting staff morale and restoring its image, but interim chair Reuel Khoza says “much more” must be done to rebuild it after two governance interventions and a year of intense public scrutiny. In his address in the asset manager’s annual report for…

PIC seeks to salvage soiled reputation The image of Africa’s biggest fund manager has been damaged by allegations of misconduct and breaches of corporate governance and the institution must now strive to preserve what’s left of its reputation, its interim chairman Reuel Khoza said. The Public Investment Corporation, which oversees R2.13 trillion ($139 billion) of…