Simon Majadibodu|Published3 hours agoRamaphosa scrambles as PIC turmoil puts R3.6 trillion in public assets under scrutiny

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. ThePublic 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.” “So it’s a very important institution that we need to safeguard. It manages almost half of the worth of our GDP, 3.6 trillion rand.” He said that when there are governance challenges, action must be taken so there is “no instability”.