PIC confirms it owns 30% of new SAA consortium partner
- The PIC has confirmed that it owns 30% of Harith General Partners, an investment group that’s part of a consortium that will own a majority stake in SAA.
- While still the head of corporate finance at the PIC, Tshepo Mahloele, spearheaded the creation of Harith – which was founded with PIC investments. He later left the PIC to run Harith.
- The commission that investigated wrongdoing at the PIC found that Harith’s conduct “was driven by financial reward to its employees and management” – and not by the investment returns it provided to civil servant pensions.
The Public Investment Corporation (PIC), which manages civil servant pensions, has confirmed that it owns 30% of Harith General Partners, an infrastructure investment group that is part of consortium which will now own the majority stake in South African Airways (SAA).
Public Enterprises Minister Pravin Gordhan announced on Friday that the Takatso consortium of Harith General Partners and Global Aviation would have a 51% stake in SAA, with the state retaining 49%.
The PIC, which oversees over R2 trillion mostly from the Government Employees’ Pension Fund (GEPF), said in a statement on Monday that it “owns 30% of Harith General Partners and some of the individuals involved in Takatso Consortium may previously have been associated with the PIC”.
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