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Opportunity lost, or in this case the cost of a lost opportunity. While Nenegate will be etched in the memory of all South Africans, the news that the Public Investment Corporation lost more than R100 billion on that fateful day, may engrave this event deeper on government employee’s minds. The group’s CEO said the funds that invest with the PIC encountered this loss after ‘weekend special’ finance minister Des van Rooyen replaced Nhlanhla Nene. These include a R95 billion hit on the Government Employees Pension Fund. And while equity markets may have recovered these losses, and the rand until recently recovered its pre-Nenegate strength, pensioners must ask the question where markets would be had 9/12 not happened. And the opportunity cost will only be felt in years to come, when workers join the pension pay roll. – Stuart Lowman
By Liesl Peyper
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.