SA’s financial regulator launches probe into PIC
South Africa’s Financial Sector Conduct Authority (FSCA) has launched an investigation into the Public Investment Corporation (PIC), citing concerns over governance, leadership stability and transparency at the state-owned asset manager.
In a statement late on Tuesday, the regulator said it had become “increasingly concerned” by recent developments at the PIC, including issues related to governance, leadership stability, transparency and the potential impact on confidence in one of Africa’s largest asset managers.
In a separate statement on Wednesday, the PIC board welcomed the investigation and said it had furnished the regulator with the information and documentation it requested on the whistleblower report and associated governance process.
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