PIC undermined policies and regulatory practices: Manager

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A suspended assistant Portfolio Manager at the Public Investment Corporation (PIC) says the corporation undermines policies and certain regulatory practices to pass deals.

Victor Seanie says the red flags he raised on a deal between the PIC and Vodacom Tanzania were ignored.

The PIC holds a 10% stake in Vodacom Tanzania, but the manager says that deal was not properly followed through.

Seanie also mentioned his unhappiness about the Distell and the PIC deal.

“In June 2017, I recommended that the PIC not invest up to R1.5 billion in Vodacom Tanzania at 850 Tanzania shillings per share because I valued the company at 683 Tanzania shillings per share. This was agreed to by all my seniors and we signed a notification memo. However, my line manager sent me an email stating we will be holding a special PMC meeting in favour of Vodacom Tanzania,” says Seanie.

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