MPs raise alarm over PIC oversight failure

Members of Parliament's Standing Committee on Finance have expressed concern about the state of the Public Investment Corporation.

This as the National Assembly was passing the committee's report, which deals with an oversight visit to some of the PIC projects.

The visit took place in April, but MPs were particularly angered about the state of the Daybreak Foods Chicken Project in Bela-Bela, which is currently under business rescue.

More than one-thousand employees have already been retrenched.

MPs across parties said Daybreak has been devastated by poor management, calling for more transparency and oversight of the PIC.

The PIC is the largest asset manager in the country, managing assets to the value of 3-point-7 trillion rand.

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