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.

Like to see more ?

Subscribe to our on-line edition !

For a mere R305.00 per year you get the convenience of our online version including:
  • Twelve monthly issues of Noseweek delivered to your browser
  • A searchable archive
  • Access to every back issue since 1993 !
  • A downloadable PDF version

If it’s just the article you are after, you can purchase it by clicking here.

Tempted ?

For a taste of what awaits you, you are welcome to browse this free issue.

Share this article:

Reader's comments

Like to add your own comment ? Please click here to subscribe - OR -


While every reasonable effort is taken to ensure the accuracy and soundness of the contents of this publication, neither the authors nor the publishers of this website bear any responsibility for the consequences of any actions based on the information contained therein.

Important information regarding cookies
By using this website, you consent to the use of cookies in accordance with our Privacy Policy.