'PIC paid employees to cover up corruption and mismanagement'

A screengrab of former executive head of IT at the Public Investment Corporation Luyanda Ntuane testifying at the PIC inquiry on 5 March 2019.

The Public Investment Corporation (PIC) gave employees extra pay and bonuses to help cover up corruption and mismanagement, former Chief Technology Officer Luyanda Ntuane testified on Tuesday.

The PIC - the largest asset manager in Africa – handles more than R2 trillion in government employees’ pension funds.

Ntuane explained how workers who fell in line ended up earning more than their managers.

The Money Show’s Bruce Whitfield interviewed Janice Kew, a journalist at Bloomberg.

Listen to the interview in the audio below (and scroll down for quotes from it).

…some of the testimonies were pretty damning… We see a lot of dysfunction…

Janice Kew, journalist - Bloomberg

The Government funds any shortfalls…

Janice Kew, journalist - Bloomberg

The ex-head of IT said the same thing. She can’t get work now…

Janice Kew, journalist - Bloomberg

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
South Africa is flirting with recession. Again. How to 'create your own economy'

South Africa is flirting with recession. Again. How to 'create your own economy'

The timing could not be better to create your own economy, says small business guru Pavlo Phitidis.

2 out of 5 MPC members wanted to cut rates. Lesetja Kganyago said, 'No!'

2 out of 5 MPC members wanted to cut rates. Lesetja Kganyago said, 'No!'

Inflation is low; the economy is weak. But Lesetja Kganyago is taking no chances, says FNB's Mamello Matikinca-Ngwenya.

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

You can now apply to generate electricity and feed it into the grid

You can now apply to generate electricity and feed it into the grid

The change comes after Energy Minister Jeff Radebe told the National Energy Regulator of SA to license applications to do so.

How to calculate how much money you need to never have to work again

How to calculate how much money you need to never have to work again

How much is enough? Is there a simple calculation? Warren Ingram, a personal financial advisor at Galileo Capital, explains.

Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

Former Morning Live co-anchor Tracy Going opens up about her attitude to money (hopes and fears, successes and failures, etc.).

Popular articles
It just became legal for anyone to deal in dagga-derived CBD

It just became legal for anyone to deal in dagga-derived CBD

Cannabidiol now falls entirely outside of drug regulations. Africa Melane interviews Andre du Plessis (Cannabis Working Group).

How to calculate how much money you need to never have to work again

How to calculate how much money you need to never have to work again

How much is enough? Is there a simple calculation? Warren Ingram, a personal financial advisor at Galileo Capital, explains.

Yet another case of brutality against Sea Point police

Yet another case of brutality against Sea Point police

Esethu Mcinjana spent a night in custody becoming another victim of alleged ill-treatment by the police.

[WATCH] BMW's tribute to Mercedes-Benz maker CEO Dieter Zetsche goes viral

[WATCH] BMW's tribute to Mercedes-Benz maker CEO Dieter Zetsche goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

You can now apply to generate electricity and feed it into the grid

You can now apply to generate electricity and feed it into the grid

The change comes after Energy Minister Jeff Radebe told the National Energy Regulator of SA to license applications to do so.

[WATCH] Twin toddlers climbing a fridge has Twitter in stitches!

[WATCH] Twin toddlers climbing a fridge has Twitter in stitches!

Khabazela shares tweets and Facebook posts that have gone viral.

'Thuli Madonsela’s name has been mentioned for Deputy President'

'Thuli Madonsela’s name has been mentioned for Deputy President'

Lumkile Mondi (Wits), Ferial Haffajee and Busisiwe Mavuso (Business Leadership SA) on the President's upcoming "slim" Cabinet.

[Exposed] Car dealerships, banks in cahoots; you’re not always getting best deal

[Exposed] Car dealerships, banks in cahoots; you’re not always getting best deal

Consumer journalist Wendy Knowler uncovered evidence of banks sending dealer principles on holidays abroad for hitting targets.