Public Investment Corporation News

#PICInquiry: Asset manager took a reckless, naked position on Lancaster deal

File Photo: IOL PRETORIA – Former executive head of risk and compliance at the Public Investment Corporation (PIC), Paul Magula, on Monday told the PIC Commission of Inquiry that the asset manager took a reckless naked position with regard to the Lancaster 101 transaction.

IOL , South Africa Mar 12, 2019

#PICInquiry: How James Noko plunged PIC operations into crisis

Photo: Pixabay PRETORIA – Court cases, perjury, maladministration, collusion, irregular payments, general distrust and a practical state of dysfunction, are some of the defining characteristics of the Public Investment Corporation (PIC) that have been revealed so far at the PIC Commission of Inquiry in the week leading up to 11 March.

IOL , South Africa Mar 11, 2019

#PICInquiry: Former executive highlights 5 cases of irregularity

Former executive head of risk and compliance at the Public Investment Corporation (PIC), Paul Magula, on Monday to the PIC Commission of Inquiry that there were serious irregularities at the asset manager that smacked of favouritsm and nepotism.

IOL , South Africa Mar 11, 2019

#PICInquiry: Executives used as rubber stamps for salary adjustments

Chairperson of the inquiry, former president of the Supreme Court of Appeal, Justice Lex Mpati, PRETORIA – Former executive head of risk and compliance at the Public Investment Corporation (PIC), Paul Magula, on Monday said salary adjustments at the PIC were imposed to the executive management and management was just given letters to sign and give letters to staff members.

IOL , South Africa Mar 11, 2019

Former AYO executives resigned to escape forensic investigation

By and large, this would have meant that R4bn of the R4.3bn raised from the Public Investment Corporation (PIC) would have been spent immediately on these acquisition targets.

IOL , South Africa Mar 11, 2019

AYO Technology takes CIPC to court over R4.3bn PIC deal

This after the CIPC issued a compliance notice to the directors at the Public Investment Corporation (PIC) demanding they recoup R4.3 billion that the PIC invested in AYO together with interest for six months.

EWN , South Africa Mar 10, 2019

Matjila was ‘desperate’ to have R4.3bn Ayo deal approved

JOHANNESBURG - Former Public Investment Corporation (PIC) executive Paul Magula has revealed that ex-CEO Dan Matjila was so desperate to go ahead with the controversial Ayo Technology Solutions transaction that he came back from leave to approve it.

EWN , South Africa Mar 10, 2019

Spy Wars: Report reveals how Zuma's man at SSA helped build parallel network

'Monumental blunder' The report comes amid probes by the Zondo commission of inquiry into state capture, the Mokgoro inquiry into the fitness of NPA bosses Nomgcobo Jiba and Lawrence Mrwebi to hold office, the inquiry into the Public Investment Corporation (PIC) and the Nugent inquiry into maladministration at Sars, which have so far revealed varying levels of criminality and machinations behind the destruction of law enforcement capabilities.

News 24 , South Africa Mar 10, 2019

PIC, AYO seek to interdict CIPC

File picture: Cindy Waxa The Public Investment Corporation (PIC) and the JSE-listed company AYO Technology Group are taking the Companies and Intellectual Properties Commission (CIPC) to court.

IOL , South Africa Mar 10, 2019

BULLETPROOF: Will the ANC dodge another bullet on election day?

In the last six months there have been four commissions or committees of inquiry into impropriety in the state (the Zondo commission into state capture, the Nugent commission into SARS, the Mokgoro inquiry into, effectively, the National Prosecuting Authority and the Mpati commission into the Public Investment Corporation).

News 24 , South Africa Mar 8, 2019