https://www.engineeringnews.co.za

PIC suspends exec, manager pending investigation

22nd January 2019

By: Marleny Arnoldi

Online News Editor

     

Font size: - +

The Public Investment Corporation (PIC) has resolved to suspend listed investments executive head Fidelis Madavo and assistant portfolio manager Victor Seanie effective immediately amid investigations into alleged irregularities.

This follows responses that were given to the Standing Committee on Public Accounts in Parliament in December.

The PIC launched an investigation into the Ayo Technology Solution transaction, with specific focus on the role that employees of the PIC may have played.

A preliminary investigation report had been submitted to the PIC board on Monday. The report reflected a “blatant flouting of governance and approval processes of the PIC”, which implicates employees in the irregularities, the PIC said in a statement on Tuesday.

The PIC has been mired in allegations of poor governance and impropriety in recent years, with questionable investments and allegations of bribery against some senior officials.

The funding criteria of the PIC came under scrutiny in 2018, with questions asked over its purchase of R4.3-billion in shares in the initial public offering of Ayo Technology Solutions. The PIC bought shares at R43 a share, which have since fallen to R23 a share.

The Government Employees Pension Fund, the PIC's biggest client, last month said it had written off over R5-billion in its investments in Steinhoff’s empowerment partner Lancaster 101 and Independent News and Media SA.

The PIC has also been linked to VBS Mutual Bank with one official said to have allegedly received a R5-million bribe to facilitate payment of R350-million to the collapsed mutual bank. The PIC was a shareholder in VBS, holding about 25% of the company’s equity.

The PIC stated that it continues to uphold good governance and will do everything in its power to restore the integrity of the institution.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Bell Equipment
Bell Equipment

As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.047 0.804s - 127pq - 2rq
Subscribe Now