Latest News & Developments
public investment corporation
Government seeks clarity from PIC on Daybreak Foods’ financial crisis
The Department of Employment and Labour is urgently engaging with the Public Investment Corporation to address alarming financial troubles at Daybreak Foods
Compensation Fund UIF Crisis: AGSA reveals years of mismanagement
AGSA's recent briefing reveals alarming financial mismanagement within the Compensation Fund and UIF, highlighting systemic failures and rampant fraud that have persisted for over a decade
Mossgas tender award to Russia’s Gazprombank now in the hands of the High Court
BR had last week requested PetroSA for an update on the progress of this project because the transaction was controversial owing to the possibility of sanctions risk at the time of the tender award in January last year. In November, the US said that Gazprombank had become a sanctioned company. These sanctions extend to other Western countries such as Australia and Canada.
Eleven months later, SAPS silent on Markus Jooste investigation
The SA Police Service has remained silent for 11 months on the investigation into the death of Markus Jooste.
Devastating consequences of ArcelorMittal's Newcastle furnace closure: A call to action
The imminent closure of ArcelorMittal's Newcastle furnace threatens over 3 500 jobs and South Africa's industrial future. Cosatu calls for urgent intervention to prevent an economic catastrophe in KwaZulu-Natal and protect the nation's steel manufacturing capacity.
GEPF portfolio grows to record R2. 38 trillion in 2023/24 despite volatile economic conditions
Member contributions saw a 10. 8% increase to R91. 94bn, highlighting strong member engagement and active membership, which grew by 0. 84% from 1267307 to 1277902.
PIC launches hunt for new CEO as Sithole's successful tenure nears end
PIC chairperson David Masondo expressed gratitude towards Sithole, commending his ‘exceptional leadership and invaluable contribution' during his tenure.
PIC is optimistic about South Africa's outlook in the years ahead
The Public Investment Corporation (PIC), managing R2. 7 trillion in assets, expresses confidence in South Africa's economic future. Despite global challenges, PIC sees promising growth opportunities, citing improved energy stability and potential pension system changes. Discover how Africa's largest investor is shaping the nation's path to prosperity.
Tim Cohen’s commentary: A threat to black management excellence at PIC?
The investment company’s annual report has been turned into fodder for a biased media narrative against Dr Iqbal Survé and Sekunjalo
Construction awards announce new partnerships
Known as the “Oscars” of the construction industry, the South African Construction Awards (SACA) are set to once again celebrate the best of the country’s construction sector with a glittering awards ceremony set for Emperors Palace in November.
Mozambican court authorises Royal to sell seized perishable ETG assets
South Africa’s Public Investment Corporation hold stake in ESG
Daily Maverick’s Moodley peddling lies to undermine Survé’s share buy-back
In my article, I was discussing the buy-back of Premier Fishing & Brands and African Equity Empowerment Investments (AEEI) and at no point did I refer to AYO. Moodley, for some nefarious reason, misrepresented my article.
SARB seizes fortune from Markus Jooste's girlfriend's bank accounts and farms
The South African Reserve Bank (SARB) has seized a substantial amount from the late Markus Jooste’s rumoured girlfriend’s bank accounts.
Surtie family awaiting justice
WHILE the wheels of justice at the Constitutional Court are grinding slowly, an important application involving a claim by a family against the Public Investment Corporation (PIC), for the payment of R1. 35 trillion, is still on hold.
Soweto contractors accuse JSE-listed Raubex of sabotage and unfair business practices
Small contractors accuse one of South Africa’s leading infrastructure development groups of bias, discrimination and unfair business practices which have negatively impacted their businesses.
Daybreak Farms to raise R250 million in debt funding after restructuring
Daybreak Farms, a leading poultry producer owned by the Public Investment Corporation (PIC), is planning a R250 million debt deal to stabilise the company and optimise its operations and balance sheet.
PIC appoints additional non-executive directors to strengthen Daybreak Farms' governance capabilities
The latest announcement comes two weeks after it announced announced a new C-Suite team to further cleans up its reputation in the wake of a corruption scandal.
Now that Markus Jooste is dead, will justice prevail?
Markus Jooste’s passing came just a day after the Financial Sector Conduct Authority imposed a R475 million penalty on him.
The rise and fall of Markus Jooste
The once-respected business mogul had his fair share of both success and failure, but now what’s left is to recall how his actions negatively impacted the country when his fraudulent activities were unearthed
Steinhoff: SARB remains mum after employee allegedly violated cross-border transactions
It said, “All matters related to corruption or of a criminal nature were referred to the relevant law enforcement authorities in 2022, and the matter now resides with them. ”
Daybreak Farms bolsters its executive team to steer growth, foster better corporate governance
In 2022 the PIC overhauled the company’s board in light of reports of multimillion-rand irregularities at the chicken producer, appointed new auditors and established a whistle blowing hotline service provider as part of operationalising an ethics and investigations committee.
Sekunjalo’s struggle for fairness amid unprecedented challenges
Why attack a company that is actively generating employment, especially at a time when unemployment levels are at an all-time high, asks the writer.
Survé leads Sekunjalo in legal action against SA Presidency and organs of state for economic sabotage
The group alleges a calculated loss of about R75 billion, emphasising that this step is a last resort after enduring systemic persecution that has not only threatened the company’s sustainability but also led to significant job losses and immeasurable pain for its employees and their families
What now for internet giants Naspers, Tencent and Prosus after share collapse?
The question now is where to from here with the Naspers/Tencent/Prosus share price?
Hako’s R4. 5m home loan settlement scandal raises more dust
Vuyani Hako who was appointed as PIC COO in 2020, was suspended in June last year.