The Public Servants Association or as it is now known Public Servants Association (PSA) represents about 240,000 members countrywide and has just indicated that they will instruct the Public Investment Corporation (PIC) that no further investments in Eskom should be made. By purchasing Eskom bonds, pensioners are exposed to extremely high risk as Eskom is..
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11 PIC Councilors offered to resign amid continuing scandals and suspension of senior staff
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Corruption on corruption, R3.9 billion missing – PIC managing government workers’ savings cannot determine where funds are
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The never-ending spate of corruption incidents in South Africa are being disclosed one after another. The Public Investment Corporation (PIC), which is Africa’s largest resource manager, apparently found no trace of documents to indicate how and why an amount of R4bn was invested in the obscure oil company affiliated with the ANC and Jacob Zuma…
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Public pressure on the ANC – especially in light of the imminent election – proved to be too much to bear so the Western Cape ANC returns controversial donation to Iqbal Survé
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The African National Congress (ANC) has returned a hot financial donation back to businessman Iqbal Survé. Survé announced on Monday that he had made a hefty contribution to the ANC’s electoral campaign efforts in the Western Cape. Through his company, Sekunjalo Investments, which has a vested interest in South African media, Survé offered the ANC..
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BREAKING NEWS:- Cyril Ramaphosa has to choose between South Africa and the ANC, what do you think will he choose?
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If Cyril Ramaphosa is truly committed to cleaning up the state, creating a professional and effective public service and putting the country on a steady economic growth path, he cannot commit to the ANC, writes Pieter du Toit. The depth of South Africa’s national crisis is becoming clearer by the day. Eskom’s inability to keep..
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PIC blows millions of of taxpayers money on selected members – embezzlement and corruption are once again the order of the day – tax payers are coughing UP and corrupt ANC members are wasting it
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The former Head of Risk and Compliance at the Public Investment Corporation (PIC), Paul Magula, testified before the PIC’s Commission of Inquiry on how millions of Rands have been spent on a few select members of the corporation. Dan Matjila, the former Chief Executive Officer of the Corporation, once again stands in the trough of..
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The corrupt ANC government plans ‘could collapse pension funds, with pensioners dying poor’
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The party’s manifesto hints at targeting pensions through prescribed investments, ‘which will see half the population’s money used to bail out failing entities like Eskom’. The prescribed investments for pension funds hinted by the ANC in its 2019 election manifesto could lead to the collapse of South Africa’s pension funds and pensioners dying poor. Explaining..
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ANC directors resigned without any resistance from their posts, just last week 9 members give notice from the Public Investment Corporation, most likely fearing prosecutions after they milked the state coffers empty
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Deputy Finance Minister Mondli Gungubele, who has been accused of being involved in the corruption scandal, received skepticism from voters in the country and politicians overseas. As a result, after the allegations were made public before the investigation commission, he submitted his resignation alongside with the board members of the so-called Public Investment Corporation (PIC). The..
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Cyril Ramaphosa appoints commission of inquiry into Public Investment Corporation
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President Cyril Ramaphosa has appointed a commission of inquiry into alleged impropriety at the Public Investment Corporation.
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The ‘bad mix’ of the VBS Sage:- PIC, VBS, Floyd and his baby brother
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Screenshots of text messages purporting to be a conversation between Floyd Shivambu and a businessperson with questionable links to the Public Investment Corporation (PIC) suggests a direct link between the Economic Freedom Fighters (EFF) deputy president and his brother Brian’s business.
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REPORT – Nhlanhla Nene asks to be relieved of his duties
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Following a public apology for meeting the Gupta brothers at their Saxonwold home instead of a public place, Finance Minister Nhlanhla Nene has asked to be relieved of his duties, according to a Business Day report on Monday.
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Bantu Holomisa – UDM- accuses Nene of favouring PIC boss
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United Democratic Movement (UDM) leader Bantu Holomisa has accused finance minister Nhlanhla Nene of favouritism after the national treasury announced on Wednesday that it would launch a probe into goings on at the Public Investment Corporation (PIC).
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VBS chair, Tshifhiwa Matodzi, family trust implicated in bank’s looting
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The family trust of former VBS Mutual Bank chairperson Tshifhiwa Matodzi was allegedly paid nearly R5-million from Vele Investments’ heist of money from VBS Mutual Bank.
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Steinhoff implosion staggers SA
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The collapse of Steinhoff International’s share price this week, following allegations of accounting fraud, is being described as the biggest corporate failure on the JSE so far, but it may just be the tip of the iceberg. On Thursday afternoon, Finance Minister Malusi Gigaba said he supported a decision by the Financial Services Board (FSB)..
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Pension funds in ANC crosshairs source of funding for state development
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The ANC has again set its sights on pensioners’ retirement money as a potential source of funding for state development. At the close of its policy conference this week the party said it would investigate the use of prescribed assets, one of the proposals to come out of its economic transformation deliberations. The proposal was..
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