Former Finance Minister Nhlanhla Nene
Photo by: Duane Daws
The funds that invest money with the Public Investment Corporation (PIC) lost more than R100-billion when President Jacob Zuma fired former finance minister Nhlanhla Nene on 9 December 2015, said Daniel Matjila, CEO of the organisation.
The PIC appeared before the standing committee on finance on Tuesday, responding to questions from MPs about its investment mandates and details about the entities and companies it invests in.
DA shadow minister of finance, David Maynier, asked the PIC what impact the events of the so-called “9/12” when Nene was briefly replaced with Des van Rooyen as finance minister had on the assets it manages.
According to Matjila, the Government Employees Pension Fund lost R95-billion, the UIF lost R7-billion, the Compensation Fund lost R3-billion, while other funds forbore R1.2-billion. “However, beyond two days we’ve seen a significant recovery,” Matjila added.