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Citing breakdown of relationship between CEO and board. 00:01
Daybreak Farms is one of the countryâs leading poultry producers. Image: Shutterstock
Boas Seruwe, chief executive officer of poultry producer Daybreak Farms, has been sent packing by the companyâs board following months of rising tensions between the two parties.
In the termination letter sent to Seruwe dated May 11, 2021, the board says its relationship with Seruwe has âirretrievably broken down, and there exists no prospects whatsoever that the employer/employee relationship can be salvaged or improved in any wayâ.
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The differences between the Public Investment Corporation (PIC) executive and senior staff in a department that manages its unlisted investments, Isibaya Fund, was a âmanagement matterâ that was âbeing attended to internally,â a PIC spokesperson said yesterday. Picture: Karen Sandison/African News Agency(ANA)
Angry PIC staff raise complaints over management of unlisted investments
By Edward West
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CAPE TOWN - THE DIFFERENCES between the Public Investment Corporation (PIC) executive and senior staff in a department that manages its unlisted investments, Isibaya Fund, was a âmanagement matterâ that was âbeing attended to internally,â a PIC spokesperson said yesterday.
Senior employees at Isibaya berated the executives of the continent s biggest asset manager for failing to renew a mandate with its biggest client, the Government Employees Pension Fund (GEPF), and for general mismanagement, reports citing a letter seen by Bloomberg News sa
The Public Investment Corporation has dragged another Survé-linked entity to court to recover overdue monies owed to the state-owned asset manager. The PIC is suing Independent Media to recover R392.6m. It’s also suing Sekunjalo Independent Media and Ayo Technology Solutions, both linked to.
Staff of biggest South Africa fund manager warn of ‘existential crisis’
Bloomberg11 May 2021
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Senior employees at a unit of South Africa’s Public Investment Corp have accused executives at the continent’s biggest fund manager of causing an “existential crisis” after a series of scandals over the past few years.
Staff at the Isibaya Fund, which oversees unlisted assets at the $136 billion PIC, submitted a list of complaints including a failure to renew a mandate with the division’s biggest client and allegations of general poor management, according to a nine-page letter to the company’s investment committee seen by Bloomberg.
The Public Investment Corp, which is the largest fund manager in Africa, handles the pension funds of more than 1 million civil servants. In the past, the government-owned asset manager has had allegations of political interference levelled at it. Now, after a raft of scandals, various senior employees at the Isibaya Fund, have put forward a number of complaints. Bloomberg’s Antony Sguazzin reports that the complaints, summed up in a nine-page letter, include “a failure to renew a mandate with the division’s biggest client and allegations of general poor management”. According to the PIC, the matter is being handled internally. While the team wants the mandate issue to be rectified, they have also insisted on a meeting to discuss complaints about Lusanda Kali, the division’s acting head. According to the letter, Kali’s management style is “oppressive, antagonistic and retributive”. – Jarryd Neves