Asset manager says it is seeking legal advice as commission's action was contrary to Promotion of Administrative Justice Act
This had not been the case when the PIC’s directors invested R4.3bn in a company with a historical record of turnover disproportionately so much smaller.Acting PIC company secretary Wilna Louw told the PIC commission of inquiry in Pretoria: “The PIC is looking into the matter and has already appointed Gwina Attorneys and senior counsel with a response to the PIC. I am unfortunately not at liberty to further comment as it may as it may compromise PIC’s position.
The company said it also appeared that the CIPC had acted on incorrect information in making its decision. At no point prior to the PIC’s R4.3bn investment in December 2017 does the company have turnover of higher than R12m, sometimes declaring no turnover at all.
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