PIC lost R99bn within 48 hours of "9/12"

10 May 2016

Note to Editor: This follows questions from David Maynier MP in the Standing Committee on Finance meeting today.

Today, the Public Investment Corporation conceded that it lost R99 billion within 48 hours of President Jacob Zuma firing former Minister of Finance, Nhlanhla Nene, on 09 December 2015. 

The Public Investment Corporation, provides financial services to several large clients, including principally the Government Employees Pension Fund, and has R1.8 trillion in assets under management.

This is a stark reminder of how much damage was done to pensioners ‘ savings and proof that President Jacob Zuma was dead wrong when he claimed the effect of his disastrous decisions was "exaggerated" in South Africa.

Statement issued by David Maynier MP, DA Shadow Minister of Finance, 11 May 2016