After months of processes and thorough consideration, Abel Moffat Sithole has been appointed as the new CEO of the Public Investment Corporation. Mr Sithole is currently the Principal Executive Officer of the Government Employees Pension Fund and the Commissioner of the Financial Sector Conduct Authority. PIC Chairperson, Dr Reuel Khoza joins CNBC Africa for more.
Sanlam announced major changes in its boardroom today. Current CEO Ian Kirk will be stepping down, making way for former CEO and Chair of Old Mutual South Africa to begin in July.
President Cyril Ramaphosa has released the PIC report and CNBC Africa's Kopano Gumbi unpacks the key highlights.
The PIC Commission of Inquiry has handed its final report to President Ramaphosa. The commission began in January 2019 after a request to investigate some transactions at the PIC was brought to the President’s attention by UDM leader, Bantu Holomisa. The commission has now completed its work and it is up to President Ramaphosa to act on the findings. CNBC Africa’s Kopano Gumbi filed this report.
The Public Investment Corporation, which manages assets on behalf of the Government Employees Pension Fund was at GEPF's annual results presentation. Reuel Khoza, Chairperson of the Public Investment Corporation provided an update on when it will appoint a new CEO and explained why it is not conducting a witch hunt against Iqbal Survé, who heads Sekunjalo Investments.
The Public Investment Corporation delivered its annual results in Parliament today. During its presentation to the standing committee on finance the PIC said it is considering an application to liquidate Sekunjalo and revealed that it grew assets under management by R48 billion to R2.1 trillion. Chairman of the PIC Board, Dr Reuel Khoza spoke to CNBC Africa about its investment in Old Mutual.
As financial services group Old Mutual prepares for another face-off with its former CEO Peter Moyo in court today, its second largest shareholder met with the company,
Former trade unionist turned businessman Jayendra Naidoo was the last to give testimony at the PIC commission of inquiry. His company, Lancaster Group, bought into Steinhoff in 2016 with the help of the PIC, their joint investment totalling nearly R9.4 billion. CNBC Africa's Kopano Gumbi filed this report.