Dual mandate not the issue

PIC: DENIES IT IS THE REASON FOR LOSSES

- Roy Cokayne

The Public Investment Corporation (PIC) has rejected suggestions that its dual mandate to provide a commercial return for its clients and its social mandate in law potentially contributed to it making losses in its unlisted portfolio.

PIC CEO Abel Sithole said on Wednesday the primary purpose of the PIC's existence is that it must make a financial return and there is no confusion about that.

But Sithole said the law also provides that the PIC has a secondary mandate, which is the social issues that we need to address, such as transformation, the structure of the economy and dealing with historical issues of the country, which are codified in the amended PIC Act.