PIC tightens oversight after costly Acapulco and Enable Capital deals – chair Masondo

PIC board chairman David Masondo says board has owned up to the bad deals in the past, and is implementing the Mpati Commission recommendations

- BANELE GININDZA

PUBLIC Investment Corporation (PIC) board chairman, David Masondo, has said the new board was reviewing past bad transactions on principle, including appealing the arbitration process in the dispute where it had to pay R400 million to its loanee Acapulco as it defaulted on a loan and the R100m down the drain in an Enable Capital Investment.

Masondo, the deputy Minister for Finance whose incumbency in the board is a result of re-enforcing governance processes at the PIC, said the board owned up to the bad deals in the past and was implementing recommendations by the Judge Mpati Commission regarding them but that internally, the entity was revving the exit processes.

This is after the PIC has had to pay Acapulco Trade and Invest this sum following an arbitration that hinged on what the board views as an inflated appraisal of the airport's worth.