DA probes billions lost in PIC’s failed Isibaya Fund investments [SOUND]

# The DA says it will investigate how the Public Investment Corporation has lost billions set aside for government pensions and other public purposes, through reckless investments in its Isibaya Fund. The fund invested approximately 4.45-billion-rand in 15 companies and projects that have recorded an Internal Rate of Return of minus-100-percent, meaning that every cent invested has effectively been lost. The DA’s Andrew Bateman says every rand lost is money that should be securing the retirement of teachers, nurses and police officers: