It seemed to us that the investments were not always following the full due-diligence procedures of the PIC, and that there appeared to be an unwritten agenda to fund very risky projects if these projects were proposed by those with close and cosy relationships with highly placed politicians.
We then initiated a campaign to bring the PIC investment portfolio out into the open so that the validity of suspicions of bad investments could be assessed, and to allow for proper oversight over the operations of the PIC. The public scrutiny was of particular importance with regard to the PIC portfolio of unlisted investments.
Then, unexpectedly, on 7 September 2016, the hon Maynier and I were invited to a meeting in the office of Mcebisi Jonas, the then Deputy Minister of Finance and PIC board