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Fin24 reports that following a series of scandals over the past few years, senior employees at a unit of the Public Investment Corporation (PIC) have accused executives at the state-owned fund manager of causing an "existential crisis".
Staff at the Isibaya Fund, which oversees unlisted assets of nearly R2 trillion, have submitted a list of complaints against management, inclusive of a failure to renew a mandate with the division’s biggest client and allegations of general poor management. This is indicated in a nine-page letter to the company’s investment committee seen by Bloomberg. A 2016 agreement with the Government Employees Pension Fund (GEPF) was being allowed to expire, wrote the authors of the letter dated 7 May. "An oversight of this magnitude and severe impact thereof, which places the PIC in a precarious position, ordinarily would require accountability. We are unaware of any action taken against the custodian of this issue," the Isibaya employees stated. A halt to the PIC’s investments in unlisted assets would hamper its aim to play a developmental role in promoting the growth of Black-owned businesses in SA and investing in projects with a social impact. The issue also comes as the PIC struggles to recover from the outcome of a judicial inquiry, which last year found that management had flouted internal procedures and made questionable investment decisions over many years.
- Read the full original of the report in the above regard by Antony Sguazzin at Fin24
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