IDC cannibalised to fund misadventures


IDC cannibalised to fund misadventures

Billions written off as “impairments”, while executives paid like royalty.

From time to time, material pops up in the mainstream and corporate media mentioning financial entities which play a special role in the economy, such as the Public Investment Corporation (PIC), the Industrial Development Corporation (IDC), and the Financial Services Board (FSB).

Rarely, however, is attention paid to the entities themselves, with the PIC ranking as the main possible exception. This is not surprising, given that it controls and manages funds of more than R1.6 trillion, mainly on behalf of government employees, retired or currently employed. The PIC ranks as the biggest single investment fund in Africa; by definition, it has clout.

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