'PIC paid employees to cover up corruption and mismanagement'

A screengrab of former executive head of IT at the Public Investment Corporation Luyanda Ntuane testifying at the PIC inquiry on 5 March 2019.

The Public Investment Corporation (PIC) gave employees extra pay and bonuses to help cover up corruption and mismanagement, former Chief Technology Officer Luyanda Ntuane testified on Tuesday.

The PIC - the largest asset manager in Africa – handles more than R2 trillion in government employees’ pension funds.

Ntuane explained how workers who fell in line ended up earning more than their managers.

The Money Show’s Bruce Whitfield interviewed Janice Kew, a journalist at Bloomberg.

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

…some of the testimonies were pretty damning… We see a lot of dysfunction…

Janice Kew, journalist - Bloomberg

The Government funds any shortfalls…

Janice Kew, journalist - Bloomberg

The ex-head of IT said the same thing. She can’t get work now…

Janice Kew, journalist - Bloomberg

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This article first appeared on 702 : 'PIC paid employees to cover up corruption and mismanagement'


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