Black business defends PIC amid growing criticism of R3.5 trillion unlisted portfolio

THE Black Business Council (BBC) has urged restraint in public attacks on the Public Investment Corporation (PIC), particularly regarding criticism of its R3.5 trillion in assets under management and concerns over the performance of its unlisted investment portfolio.

- BANELE GININDZA

This comes amid mounting calls from political parties and civil society for increased scrutiny of the PIC’s governance and investment decisions.

The United Democratic Movement (UDM) is among the loudest voices demanding action.

The party has called on President Cyril Ramaphosa and Parliament to convene urgent public hearings with the PIC Board, its CEO, and the Government Employees Pension Fund (GEPF) to answer for what it describes as “ongoing governance failures, ethical breaches, and poor investment decisions.”