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A Scandelous whitewashing of brazen fraud. This pathetic settkemeis as Scandelous as the fraud committed itself
Why does the PIC have a mandate to freely mess around with pensions of millions all the time ?
It was about political money laundering
The great swindle...actually just one of many.
Is the 5% shares worth the outstanding balance or is this another anc deal?
There was clearly corruption in this deal. When will those who agreed to this stupid investment be investigated publicly?
Pay back 12%. That is an insult to all South Africans. Treason. Corrupt Iqbal Surve. Lock him up before he does a Gupta Dubai.
It is unfathomable that Iqbal Surve was not convicted and jailed a long time ago. And the corrupt PIC chief at the time. Treason.
'The PIC bought 29% of AYO’s shares on behalf of the Government Employees Pension Fund (GEPF) in a process it has now itself claimed in court was irregular'. Why is the PIC involved in irregular process?
WASTED? You mean 'STOLEN' 🤡🇿🇦🤣🐸
Taxpayers money 🚮🚮
Surely this is criminal Or criminal negligence at the very least?!! These two thieves belong in jail!!!
This is 30% math applied to investment.
Shameful. This is South African pension money that has been squandered. 😡
Surve has to be locked up. Pathological narcissist.
Not an acceptable deal. Cancel and renegotiate. I wish I could that amount of money and only pay back 600 mil.
This is pure nonsense. Civil servants need to take action this decision.
And the rest, 3.7B plus interest Assets of those involved should be seized, people should be arrested and jailed, this is nothing but theft.
Who the heck at PIC negotiates such a dumb deal? Just hope iqbalsurve1 pays PublicInvestmentCorporation 100% of ZAR600MM and not 75% as he is doing with salaries of IOL journalists. TreasuryRSA PublicProtector PresidencyZA
Why is the PIC not suing the former CEO? He allegedly didn’t follow the investment process, and the deal was not recommended by the investment team. GEPF_SA board must litigate and recover the money from former PIC executives.
You must be joking?
You invest 4.3 bill, you get 600 mill back,and you get 5 percent of nothing. Both the board who signed off on the 4.3 bill,and the one who signed off on this should already be in jail. If I was a state pensioner there would be a class action suit to put them all behind bars.
The PIC invests R4.3bn in AYO. It then claims it was an 'unlawful' deal and sues to recoup its investment, but fails dismally to prove this in court, and opts instead for a settlement. Who is to blame here?
PLMyburgh This is outrageous ! Those who benefited must be charged. This deal was not sanctioned by the board in the first place. Why must it be the people who always suffer ?
PLMyburgh Remind me not to use the legal team that the PIC used for this settlement… In all fairness this damp squib settlement was most probably under instruction from the PIC.
PLMyburgh What a one sided, pathetic and lame settlement..! So Iqbal can keep all of his Silo apartments and his Waterfront office and, and, and… All bought with our/taxpayers money! The shares are useless and probably worth zero…. Shameless and disgraceful. IOL
lindsaymanthey I.m.o. it was always intended as a grant, not a loan. Massive payoffs to government officials. I.m.o. the ANC went out to steal the money from its state pensioners in order to beneficiate cadres and cronies.
Cathie1929 Terrible for State pensioners. It’s a drop in the ocean that the PIC is getting back.
PLMyburgh How to make money in South Africa. Steal from the poor.
That R600 million is barely 14% of the PIC's original investment - not even a matric mathematics pass.
Sounds like a kak deal.
The name Surve and growth/value don't go together. This entire matter needs further investigation.
Governance of the retirement industry has failed the gepf members in this case. & this is one example. The existing governance framework has to change to protect, preserve and grow the wealth of fund members. The boards and trustees power to invest must be neutered. IqbalSurve
Rogues get great deals
The only difference between CIT heists and this deal is that one group wore suits!
5% of a company that is tanking...
? And what is going on with Steinhoff
justicemalala I'm no mathematical whizz but that's a hell of a loss.
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