Understaffing putting PIC at risk, says legal exec

JOHANNESBURG - Acting executive head of legal counsel, governance and compliance at the Public Investment Corporation Lindiwe Dlamini said that her department is severely understaffed and needs urgent assistance.

She told the PIC Inquiry that the state-run asset manager is failing to do its work properly because it’s lacking in essential manpower. She said that this was putting the work of the R2.2 trillion Government Pension Fund manager at risk. Dlamini testified that the PIC lost over R4 billion when Steinhoff collapsed because proper security measures were not followed to protect the corporation’s investment.

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