Evidence heard so far from past and present employees has painted a bleak picture of the quality of PIC’s internal governance standards. It has also shone a light on claims of undue influence wielded by the asset manager’s former head, Dan Matjila.Two senior PIC executives were suspended in the first week of the inquiry – the group’s Head of Listed Investments, Fidelis Madavo and its Assistant Portfolio Manager, Victor Seanie. The pair learnt of their suspensions on the morning of the same day that Madavo testified. They were suspended following a probe of their roles in the PIC’s R4.3bn investment in AYO Technology Solutions in 2017. AYO is linked to businessman Survé. Survé has denied there was anything wrong with the deal.
Boeing Admits Fault Caused Crashes
Boeing has admitted a key sensor malfunctioned on an Ethiopian Airlines flight which crashed, killing all 157 people on board. An investigation found the pilots complied with procedure but “were not able to control” Ethiopian Airlines Flight ET302 after it nosedived on March 10.
Facebook To Be Fined For Terrorist Content
Technology firms including Facebook, Instagram and Twitter face “substantial” fines or a U.K. ban under a new law if they don’t act swiftly enough to remove content that encourages terrorism and child sexual exploitation and abuse. The companies’ directors could also be held personally liable if illegal content is not taken down within a short and pre-determined time-frame, the Home Office said. The exact level of fines will be examined during a 12 week consultation following the legislation’s launch on Monday. The spread of fake news and interference in elections will also be tackled.
Eskom Power Situation Set To Get A Lot Worse
An electricity-supply crisis is looming in South Africa that could make intermittent outages in the past few months seem trivial by comparison. Eskom, which supplies almost all the nation’s power, will lose more than a quarter of its current generating capacity over the next decade as it shuts ageing coal-fired plants. Replacing that output and adding capacity needed to meet rising demand will take years and cost more than R1 trillion, according to government estimates. The problem is likely to worsen exponentially after 2030 as more plants reach retirement age.
Zimbabwe To Compensate White Farmers After Land Grabs
Zimbabwe plans to complete land valuations by the end of May to determine the level of compensation to be paid to former white commercial farmers who lost their properties during the government’s land reform programme. “Given the significant progress made to date, it is anticipated that that this comprehensive farm improvements valuation exercise will be completed by end of May,” the government said in a statement on Sunday.
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