Scopa to meet with PIC in Parly

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The Standing Committee on Public Accounts (Scopa) will for the first time meet with the leadership of the Public Investment Corporation (PIC) in Parliament on Wednesday.

The corporation has been embroiled in controversy over the past year.

It made headlines when it lost billions of government employees’ pension funds which it had invested in retail giant Steinhoff.

The Scopa chairperson, Themba Godi says the PIC has made various questionable investments.

“The PIC had been in the news for not so good reasons. And we as Scopa were concerned that unless these matters are attended to, the PIC might be the next public entity to go down. The same way we have seen other public entities that have been in very, very good standing and solid financial position but through neglect have almost collapsed.”