PSA calls for an urgent probe into loss of over R18-billion in pension-fund investments [SOUND]

# The Public Servants Association has called for an urgent and independent forensic investigation into lost investment by the Public Investment Corporation. The PIC’s Isibaya Fund invested more than 18.2-billion-rand in 23 companies, which ultimately recorded an internal rate of return of minus 100-percent, meaning the investments lost all their value. PSA’s Claude Naicker says the reported loss of such a significant amount raises serious questions about accountability, risk management, investment decision-making processes, and governance structures: