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25 Jan 2019 00:07
The Public Investment Corporation (PIC) executive for listed investments, Fidelis Madavo, was suspended just before he was to appear at the commission investigating the PIC and its investments. He still testified.
The PIC has a kitty of about R2-trillion in government workers’ pension money to invest.
If it makes bad investments, the taxpayer ultimately suffers.
When we and other media, as well as media watchdog groups, questioned the PIC investment in Survé’s Independent purchase, we were vilified by the touchy Survé. And he caried on vilifying as his great project slowly crumbled. The PIC should have known from the Independent deal that further investment in a Survé enterprise was probably a bad idea.
Sorry, but we’d like to say to the PIC: “We told you so.”
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