The report by the commission that investigated the Public Investment Corporation says the fund manager’s former CEO lied about his involvement in its R4,3-billion investment in Iqbal Surve’s Ayo Technology
Matshepo More tells PIC Commission it has been misled by earlier testimony
At least eight people have been implicated in breaching processes in the irregular R4.3-billion Ayo deal but only two people have been suspended
The deputy finance minister says he is willing to appear before the commission, but he has not received any correspondence asking him to come forward
‘The PIC has a kitty of about R2-trillion in government workers’ pension money to invest. If it makes bad investments, the taxpayer suffers’
The state asset manager sat on non-compliance report in the Ayo Technology transaction for five months before taking action
The suspension of Fidelis Madavo, an executive at the PIC, was announced prior to him taking the stand at the Mpati commission
Fidelis Madavo has been suspended with immediate effect
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/ 25 January 2008
South African gold producers and the world’s biggest platinum miner suspended production at all their mines in the country on Friday due to a power crisis, helping send precious metal prices to new highs. Shares in most of the affected firms dived as the government said the power cuts were ”a national emergency”.