Investigative journalist explains why PIC 'honey pot' is being probed

Head of listed investments at the Public Investment Corporation, Fidelis Madavo was suspended on Tuesday in connection with the PIC's questionable investment in AYO Technology Solutions.

Madavo was meant to testify at a special commission of inquiry into the PIC's dealings.

Senior investigative journalist with amaBhungane, Sam Sole provides insight into why the PIC is being probed and the latest move to suspend key members.

The PIC is a huge honey pot and what we have come to learn is that in the past years it has been subjected to major pressures from factions within the ruling party and business.

Sam Sole, Senior Investigative Journalist with amaBhungane

Many questions were raised about the basis on which decisions were made, on which companies to invest in.

Sam Sole, Senior Investigative Journalist with amaBhungane

An investigation has revealed that in 2017, PIC made an investment to the tune of R4.3 billion in AYO Technology Investments, flouting of governance and approval processes.

Basically the PIC was using pensioners money to artificially inflate the value of this company by pushing this huge amount of cash into this company and clearly, that wasn't to the benefit of pensioners.

Sam Sole, Senior Investigative Journalist with amaBhungane

To hear the rest of the conversation with Sam Sole, listen below:


Recommended

by NEWSROOM AI
Read More
[LISTEN] 'Why did the PIC take so long?' - Sikonathi Mantshantsha

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

Questions have been raised over a preliminary investigation report by the PIC, implicating Head of resources Fidelis Madavo.

'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.

What to expect during this week of three inquiries

What to expect during this week of three inquiries

Sunday Times political journalist Qaanitah Hunter looks at the inquiries that are happening this week.

Popular articles
[LISTEN] Jacques Pauw and NB Publishers issued with summons for R35m

[LISTEN] Jacques Pauw and NB Publishers issued with summons for R35m

Former State Security Agency director general Arthur Fraser says he has suffered repuational damage because of Pauw's book.

Smooth operator - How to avoid getting caught out by telesales agents

Smooth operator - How to avoid getting caught out by telesales agents

Consumer journalist Wendy Knowler shares her advice on how best to deal with the calls.

[VIDEO] DA's Van Damme accuses family of racism, V&A Waterfront apologises

[VIDEO] DA's Van Damme accuses family of racism, V&A Waterfront apologises

The Democratic Alliance MP claims she was subjected to a racist tirade at Cape Town's V&A Waterfront and wants action taken.

Court orders Gupta-linked Trillian to pay back R600 million to Eskom

Court orders Gupta-linked Trillian to pay back R600 million to Eskom

It also ordered the company to pay for all the costs of the application. Bruce Whitfield interviews EWN’s Clement Manyathela.

Fight continues for family of 11 evicted from Paarl wine farm

Fight continues for family of 11 evicted from Paarl wine farm

On May 7, the Land Claims Court heard an application to have the eviction of Nomabongo Sweetness May and her family rescinded.

Investigation underway into cause of Cape Town hotel fire

Investigation underway into cause of Cape Town hotel fire

Staff and guests at Durbanville's Ruslamere hotel were evacuated while firefighters battled the blaze on Tuesday morning.

BP could be fined millions for illegally building 17 petrol stations

BP could be fined millions for illegally building 17 petrol stations

The case against international petroleum giant was brought by environmental group Uzani Environmental Advocacy.

[WATCH] Local six-year-old dancing sensation's video goes viral

[WATCH] Local six-year-old dancing sensation's video goes viral

After Will Smith and Jada Pinkett-Smith shared the video of Ivanah Campbell dancing it has been viewed over 10 million times.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).