How The Public Investment Corporation Lost Over R100bn When Zuma Fired Nene

CAPE TOWN, SOUTH AFRICA ñ MAY 3: Deputy Minister of Finance, Nhlanhla Nene during the pre-conference on the 2013 World Economic Forum on Africa on May 3, 2013 in Cape Town, South Africa. South Africa will be hosting the 23rd World Economic Forum on Africa from 8 to 10 May 2013. The Forum will focus on Africaís economic issues. (Photo by Gallo Images / Foto24 / Mary-Ann Palmer)

The funds that invest money with the Public Investment Corporation (PIC) lost more than R100bn when President Jacob Zuma fired former finance minister Nhlanhla Nene on 9 December 2015, said Daniel Matjila, CEO of the organisation.

The PIC appeared before the standing committee on finance on Tuesday, responding to questions from MPs about its investment mandates and details about the entities and companies it invests in.

DA shadow minister of finance, David Maynier, asked the PIC what impact the events of the so-called “9/12” when Nene was briefly replaced with Des van Rooyen as finance minister had on the assets it manages.

According to Matjila, the Government Employees Pension Fund lost R95bn, the UIF lost R7bn, the Compensation Fund lost R3bn, while other funds forbore R1.2bn. “However, beyond two days we’ve seen a significant recovery,” Matjila added.

source: Fin24

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