Investigative journalist explains why PIC 'honey pot' is being probed
Head of listed investments at the Public Investment Corporation, Fidelis Madavo was suspended on Tuesday in connection with the PIC's questionable investment in AYO Technology Solutions.
Madavo was meant to testify at a special commission of inquiry into the PIC's dealings.
Senior investigative journalist with amaBhungane, Sam Sole provides insight into why the PIC is being probed and the latest move to suspend key members.
The PIC is a huge honey pot and what we have come to learn is that in the past years it has been subjected to major pressures from factions within the ruling party and business.Sam Sole, Senior Investigative Journalist with amaBhungane
Many questions were raised about the basis on which decisions were made, on which companies to invest in.Sam Sole, Senior Investigative Journalist with amaBhungane
An investigation has revealed that in 2017, PIC made an investment to the tune of R4.3 billion in AYO Technology Investments, flouting of governance and approval processes.
Basically the PIC was using pensioners money to artificially inflate the value of this company by pushing this huge amount of cash into this company and clearly, that wasn't to the benefit of pensioners.Sam Sole, Senior Investigative Journalist with amaBhungane
To hear the rest of the conversation with Sam Sole, listen below:
This article first appeared on CapeTalk : Investigative journalist explains why PIC 'honey pot' is being probed
Pundits weigh in on the call by teacher union Sadtu to close schools until after the COVID-19 peak.Read More
Commission chairperson George Mashamba reflects on the duties of the ruling party's integrity body.Read More
General-secretary Mugwena Maluleke says now is the time to save pupils' lives.Read More
Health Minister Zweli Mkhize says the focus is on the establishment of committees at ward level and to also tackle the stigma.Read More
Bruce Whitfield interviews reps from the Restaurant Association Of SA, Business Unity SA and the National Liquor Traders Council.Read More
Liquor Traders Association of SA's Sean Robinson and Gauteng Liquor Forum's Fanny Mokoena reflect on liquor ban.Read More
Wits School of Governance's professor Alex van den Heever unpacks the latest restriction by the President Cyril Ramaphosa.Read More
President Cyril Ramaphosa said on Sunday he was concerned that South Africans were downplaying the seriousness of the pandemic.Read More
Ramaphosa addresses the nation this evening on developments in SA's risk-adjusted strategy to manage the spread of COVID-19.Read More
Provincial health department head Dr Thobile Mbengashe is adamant that these scooters were never meant to be ambulances.Read More