PIC hits back at UDM over 'false and malicious' claims about governance and investments

THE Public Investment Corporation (PIC) on Tuesday hit back at allegations made by the United Democratic Movement (UDM), about the state of governance and the investments the PIC manages on behalf of its clients.

- PHILIPPA LARKIN

David Masondo, the PIC board chairperson, said in a statement on Tuesday that the PIC is preparing detailed submissions to the Presidency, Parliamentary Committees and other government agencies, to substantially repudiate the “false and malicious allegations".

"Since 29 October 2025, the UDM and its leader,Bantu Holomisa, have deliberately sought to mislead the public and important organs of state like the Speaker of the National Assembly, the Standing Committee on Public Accounts (Scopa), the Auditor-General and the Special Investigating Unit (SIU). This was done by clearly misrepresenting confidential, internal information about PIC transactions and governance processes, for nefarious and ulterior purposes," he said.