[LISTEN] 'Why did the PIC take so long?' - Sikonathi Mantshantsha

Questions have been raised over a preliminary investigation report by the Public Investment Corporation (PIC), implicating Head of resources Fidelis Madavo and Assistant Portfolio Manager Victor Seanie.

The pair were suspended this week following an internal audit and ongoing investigation.

Their suspension is with regards to the Ayo transaction, a R4.3 billion payment to fund the technology company which has been flagged as controversial. The PIC says the report reflects a blatant flouting of governance and approval processes of the institution.

READ: 'PIC has been questioned many times. Reorganised, we can do better'

Speaking on the transaction, Financial Mail Deputy Editor Sikonathi Mantshantsha says the PIC's due diligence was suspect.

The question here for the PIC is why did it take them so long? That particular transaction, the PIC entered into in March 2018 and from then on it has always been a controversial and irregular deal.

Sikonathi Mantshantsha, Financial Mail Deputy Editor

The PIC's due diligence was very suspect and now they have suddenly, 12 months to the day, found a reason to act against those people.

Sikonathi Mantshantsha, Financial Mail Deputy Editor

Why has the PIC only woken up now? It has only suspended the people when the commission starts, to which they are expected to testify.

Sikonathi Mantshantsha, Financial Mail Deputy Editor

Click on the link below to hear more from Mantshantsha....


This article first appeared on 702 : [LISTEN] 'Why did the PIC take so long?' - Sikonathi Mantshantsha


Recommended

by NEWSROOM AI
Read More
'PIC has been questioned many times. Reorganised, we can do better'

'PIC has been questioned many times. Reorganised, we can do better'

The Money Show’s Bruce Whitfield interviews Mondli Gungubele, Chairperson at the Public Investment Corporation.

PIC gives little detail on Madavo's suspension

PIC gives little detail on Madavo's suspension

Head of resources Fidelis Madavo who testified at the commission on Tuesday, has been suspended with immediate effect.

UDM welcomes PIC suspensions but say board being opportunistic

UDM welcomes PIC suspensions but say board being opportunistic

UDM Leader Bantu Holomisa says it notes the suspensions but feel that the technology scandal was reported a long time ago.

[LISTEN] PIC business model put under the spotlight as inquiry kicks off

[LISTEN] PIC business model put under the spotlight as inquiry kicks off

Karima Brown spoke to Economist and member of the inquiry Dr Thabi Leoka to get details on the first day of the commission.

PIC Inquiry underway and first witness takes the stand

PIC Inquiry underway and first witness takes the stand

EWN reporter Kgomotso Modise says the inquiry got off to a slow start.

Holomisa: 'PIC Inquiry needs to look at a number of questionable deals'

Holomisa: 'PIC Inquiry needs to look at a number of questionable deals'

UDM Leader Bantu Holomisa says the PIC Inquiry needs to look at dubious transactions and allegations of impropriety.

Why PIC board decided to let Matjila go

Why PIC board decided to let Matjila go

In his letter to the board, Matjila offered to stay on for five months to do a proper handover but the board let him go.

Popular articles
'Domestic workers are entitled to 21 consecutive days of paid annual leave'

'Domestic workers are entitled to 21 consecutive days of paid annual leave'

Socio-Economic Rights Institute's Kelebogile Khunou says for living-in workers you cannot deduct more than 10% for accommodation.

[WATCH] SA youth choir shines on America's Got Talent with 'My African Dream'

[WATCH] SA youth choir shines on America's Got Talent with 'My African Dream'

The Ndlovu Youth Choir's beautiful performance got 4 yesses from the judges, including Simon Cowell!

Waitress tipped R18k now able to realise her dream of becoming a paramedic

Waitress tipped R18k now able to realise her dream of becoming a paramedic

Ayanda Ndlovu says she doesn't want to disappoint the woman who's making her dream come true.

Discovery Health acted illegally and a patient died - Medical law consultant

Discovery Health acted illegally and a patient died - Medical law consultant

Shafrudeen Amod from Medisyn Clinical Consulting says the scheme could have paid the patient directly.

Honeymoon scuppered: Local man describes being scammed R60K by Destiny Holidays

Honeymoon scuppered: Local man describes being scammed R60K by Destiny Holidays

CapeTalk listener Paul had planned his honeymoon, and he and 32 others, lost over R2m to a seeming fly-by-night travel agency.

'Clean building plan' could be approved in just two days, says City of Cape Town

'Clean building plan' could be approved in just two days, says City of Cape Town

City’s Director Development Management Cheryl Walters responds to complaints of bottlenecks in the building application process.

Investec gives staff unlimited leave days and freedom to wear what they want

Investec gives staff unlimited leave days and freedom to wear what they want

The bank rewards innovation with substantial bonuses and pays according to output not hours at work, says Lesley-Anne Gatter.

Gauteng waitress gets R18,000 tip for 'amazing service'

Gauteng waitress gets R18,000 tip for 'amazing service'

A waitress at The Beerhouse in Fourways who received the generous donation wants to finish her matric and become a paramedic.