PIC reveals Nene’s son involvement in transaction

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The Public Investment Corporation (PIC) says it was aware that the son of former Finance Minister Nhlanhla Nene was involved in a transaction the PIC made with Mozambican S&S Refineries.

Democratic Alliance (DA) MP David Maynier told the PIC that one of the companies that were involved in the transaction disclosed to the PIC that Siyabonga Nene was an interrelated party and associated with one of the companies.

Maynier sought clarity from the PIC during a briefing to Scopa in Parliament late on Thursday night.

Maynier asked, “I would like to know particularly whether the risk was even assessed by the Social and Ethics Committee or whether they were aware that Siyabonga Nene was part of this deal.”

The PIC’s Executive Head of Investing, Roy Rajdhar responded, “Chair the PIC was aware of Siyabonga Nene being involved in the transaction. The investment team had presented the transaction to the PMS. At that point in time, the PMC we are seeking permission to proceed to do due diligence.”