PIC will lose R1,1 billion due to loan made to Madibeng

Posted in Latest News

BRITS POS – BRITS - The Auditor General for North West confirmed to Parliament’s Standing Committee on Public Accounts (Scopa) that the Public Investment Corporation (PIC) in 2010 had made a loan of R1,1 billion to the Madibeng Local Municipality. To date Madibeng has apparently refused to pay back the loan and said that they are not in a position to repay the money.

 To read the full story, read our 28 February 2020 issue.