January 26, 2015 2:30 PM ET

Capital Markets

Company Overview of Public Investment Corporation Limited

Company Overview

Public Investment Corporation Limited is a government owned investment manager. The firm primarily provides its services to pension fund, the Government Employees Pension Fund (GEPF), nation-critical public funds, social security funds, development funds, and guardian funds. It manages client specific portfolios and investment funds for its clients. The firm invests in the public equity and fixed income markets. It fixed income investments are comprised of debt issued by the South African government, parastatals, corporations, and securitization vehicles, and money market instruments. The firm’s fixed income investments are benchmarked against the All Bond Index and money market instruments’...

Block C , Riverwalk Office Park

41 Matroosberg Road

Ashlea Gardens Extension 6

Menlo Park

Pretoria,  

South Africa

Founded in 1911

Phone:

27 12 742 3400

Fax:

27 12 346 3276

Key Executives for Public Investment Corporation Limited

Chief Executive Officer
Age: 48
Principal Officer
Chief Investment Officer
Age: 52
Acting General Manager
Executive Director
Age: 51
Compensation as of Fiscal Year 2014.

Public Investment Corporation Limited Key Developments

Ecobank Transnational Corporation to Appeal Ruling of Commercial Court of Abidjan

The Commercial Court of Abidjan ruled on January 15, 2015 that Dr. Daniel Matjila, a director of Ecobank Transnational Corporation (ETI) and Chief Executive Officer of Public Investment Corporation of South Africa (PIC), along with PIC and ETI are jointly liable for defamation against Mr. Thierry Tanoh, a former Group CEO of ETI. The court ordered that the three parties jointly and severally pay Mr. Tanoh $15 million. ETI is taking immediate steps to exercise its right to appeal against the decisions by the Commercial Court of Abidjan and to apply for a stay of execution of its decisions. In February 2014, when Mr. Tanoh was Ecobank Group CEO, a number of ETI directors convened a special board meeting to discuss certain developments. These included a directive of the Securities and Exchange Commission of Nigeria for ETI to reverse certain decisions that Mr. Tanoh had taken in contravention of the Commission's earlier directives and the call by the whole of Ecobank Group's executive management for Mr. Tanoh to step down. Dr. Matjila wrote a letter to board members on the March 1, 2014, stating various reasons why Mr. Tanoh should be removed as Group CEO. Mr. Tanoh sued Dr. Matjila, PIC and ETI jointly for defamation in the Commercial Court of Abidjan. In doing so, he used an Ivorian civil procedure rule that allows action to be taken in the courts of Cote d'Ivoire in certain circumstances when the defendants are not resident in that country. ETI had raised objection to the jurisdiction of the Commercial Court of Abidjan, first as this was a civil and not a commercial case. This court, as its name implies, hears commercial cases. ETI also argued that the case should be heard in Togo, the domicile of ETI, or in the courts of England as provided for in Mr. Tanoh's employment contract. The Commercial Court of Abidjan proceeded with the case on a technicality, notwithstanding the fact that ETI had raised the objection to the jurisdiction at the right time. ETI's position is that the Commercial Court of Abidjan does not have the jurisdictional right to rule on this matter, and its decision is totally unfounded. ETI believes that this sets a very dangerous precedent of law in several respects, as 2 well as for the business environment in Cote d'Ivoire. The only reason that Mr. Tanoh gave for initiating the action in Cote d'Ivoire is that he is an Ivorian national. Quite separate from the Abidjan case, Mr. Tanoh has also sued ETI in Togo for unlawful termination of his contract, and is seeking $18 million in compensation. ETI has lodged a criminal complaint against Mr. Tanoh for taking away all official files that he handled as Group CEO of Ecobank and for deleting all electronic files from the official computers that he used as Group CEO.

PIC and Gazprombank Sign Cooperation Agreement

The Public Investment Corporation and Gazprombank have signed a Cooperation Agreement in Pretoria. The objective of the Cooperation Agreement is to establish opportunities for cooperation between the two entities and, where possible, facilitate business cooperation between South Africa and the Russian Federation. This cooperation will see these two entities focus on several areas of interest, within South Africa and countries in the Sub-Saharan African region. These areas include: investment banking, capital markets and securities transactions, trade finance; asset management; private equity as well as project, leveraged and structured finance. The project, leveraged and structured finance area of interest, specifically, will expand on direct and indirect financing of projects in the field of natural gas, oil, petrochemicals, mining and mining infrastructure, green energy, as well as other sectors of mutual interest in the future. In terms of the Agreement, the PIC and GPB will endeavour to collaborate on capacity building and skills transfer in identified areas of finance, credit analysis, environmental and social analysis, as well as information and research sharing to enhance economic sector knowledge.

Public Investment Corporation Limited Presents at Arqaam Capital Investors Conference 2014, Sep-22-2014

Public Investment Corporation Limited Presents at Arqaam Capital Investors Conference 2014, Sep-22-2014 . Venue: Meydan Hotel, Meydan Racecourse, Al Meydan Road, Nad Al Sheba, Dubai, United Arab Emirates.

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