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Business Report writes that the Public Investment Corporation (PIC) on Wednesday rebutted reports that the pensions of government employees lost R100 billion in two days in December after President Jacob Zuma axed Finance Minister Nhlanhla Nene.
It indicated in a statement: “To state that the PIC has lost R100bn is factually incorrect. The facts are that there was a drop of approximately R100bn in the value of the PIC’s assets under management between December 9 and 12, 2015 due to market reaction following the events of December 9, 2015. However, the markets started rerating after the appointment of Pravin Gordhan, as Minister of Finance, and the portfolio has since fully recovered.” The reports followed the PIC’s meeting with Parliament’s standing committee on finance on Tuesday, where PIC chief executive Dan Matjila was grilled about the PIC’s investment mandates.
- Read this report in full at Business Report
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