President Cyril Ramaphosa insists the Public Investment Corporation is not in crisis, but board resignations, leadership instability and incomplete reforms have intensified concern over R3.6 trillion in public-sector assets.
The Public Investment Corporation (PIC), which manages more than R3.6 trillion in public-sector assets, is facing questions over its leadership, governance and ability to protect workers’ retirement savings, as President Cyril Ramaphosa insists the PIC is not in “crisis.”
Ramaphosa’s remarks come despite a wave of resignations and renewed focus on the full implementation of the recommendations of the retired Judge Lex Mpati Commission of Inquiry.
He said that on a campaign trail in Emalahleni, Mpumalanga, over the weekend ahead of the local government elections on November 4, in his capacity as ANC president.
“The PIC is the largest asset manager on the continent, and it manages the assets of civil servants like me, civil servants like teachers, civil servants like parliamentarians and all that.”
