Public Investment Corporation

Of its 453 properties, the V&A waterfront in Cape Town is pulling far more than its weight.

So keep in mind, Growth Point owns half of it and the public investment corporation the other half.

Now, before we go into the numbers, how interesting is this? Rent is where the precinct separates itself.

And you might be thinking to yourself, Christian, obviously, what do you mean? Take a look.

They're still a partner of ATT&CK in some of our commercial developments.

The PIC, the Public Investment Corporation, they have now also taken a share in the Atterbury Investment Company.

It just gives them access to more capital because there's still more infrastructure that's coming.

We're still planning what we call the Goud Train Station, but it's something like an underground and aboveground railway line that was established more or less in 2010.

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The Democratic Alliance says it will demand answers from the public investment corporation, the PIC, over the loss of hundreds of millions of rand invested in Efora Energy on behalf of the government employees' pension fund.

The DA says more than R760 million was invested between 2011 and 2018, but the value of the government employees' pension fund stake has since fallen sharply, with EFORA shares now suspended.

For more on the party's sentiments, we joined on the line by Andrew Bateman, the DA Deputy Spokesperson on Appropriations.

A very good morning to you and welcome.

Tell us, why has the EFORA energy investment become such a significant issue for the Democratic Alliance at this particular moment?

As the DA, we're looking very closely at the Public Investment Corporation because it manages the government employee's pension fund.

which has 1.2 million government employees contributing to it actively and over half a million pensioners who are reliant on it.

There once was a company called Efora or Sack Oil, depending on which name you remember it by, back in 2007, 2008.

This was a company that was meant to be the oil play of the Public Investment Corporation and other stakeholders.

It was listed on the Johannesburg Stock Exchange over the years.

Since then, between 2011 and 2018 at least, that business had received around 760 odd million rands in financial injections from the Public Investment Corporation as the significant shareholder in that business.

Today, the business remains... listed on the jsu with its shares suspended for trading and the business according to its share price only worth around 19 million rand we're going to be taking a look at this in a bit more detail and seeing what happened to that particular business with the founder and chair of public interest south africa tabocha classic joins me on the line now to see what we make of this lovely having you on the show thanks so much for taking the time we're quite the story behind this particular entity, which I suppose, given its listing, might not have been considered a state-owned entity.

But from your perspective, give us a background around what you remember about this company and why it was initially something that was of interest to the Public Investment Corporation.

Yeah, thanks, Jimmy, for having me.

You know, you'd recall that this company did a reverse listing on the JSE company.

And it doesn't provide proper corporate governance.

It allows a single person, often operating with a sort of a factional base, to take control of a massive organization such as Transnet, such as SARS, such as PRASA, such as the Public Investment Corporation, such as our CETAs.

such as Nesfas, all of these organizations are failing in the same way as the city of Johannesburg.

Let me see if I'm