Fire the entire PIC board! Buy Ayo shares! - Dennis George (Fedusa)

(Also, read: 'PIC has been questioned many times. Reorganised, we can do better')

The Public Investment Corporation (PIC) board of directors must be disbanded, according to Dennis George, the General Secretary of the Federation of Unions of South Africa (Fedusa).

The PIC is Africa’s largest asset manager.

It manages more than R2 trillion on behalf of the Government Employee Pension Fund (GEPF) and four smaller Government-run funds.

The Public Investment Corporation (PIC) on Monday suspended its Head of Listed Investments, Fidelis Madavo.

His suspension follows an internal audit after reports of impropriety and dubious investments at the PIC.

Madavo’s suspension is with regards to the Ayo transaction, a controversial R4.3 billion payment to fund the Iqbal Survé-controlled technology company.

That investment is worth a sixth of what it was when the PIC made it.

The Money Show’s Bruce Whitfield interviewed George.

Listen to the interview in the audio below (and scroll down for quotes from it).

We already started to raise issues when Steinhoff went into trouble…

Dennis George, Fedusa

That is money of public servants. We’ve said it repeatedly to Government, but they don’t want to listen… We don’t want the PIC politicised…

Dennis George, Fedusa

I am an independent non-executive director of Ayo… [I am] a watchdog… There is no shambles at Ayo… The company is in a good state… Ayo has lots of shareholders that have been shareholders for more than 10 years… It is now time to buy shares!

Dennis George, Fedusa

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This article first appeared on 702 : Fire the entire PIC board! Buy Ayo shares! - Dennis George (Fedusa)


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