South Africa’s PIC Loses R100 Million in Enable Capital Scam ### DATELINE: Johannesburg, South Africa – 2026-07-20 South Africa’s largest asset manager, the Public Investment Corporation (PIC), has suffered a significant financial setback after investing R100 million into Enable Capital, a company that was later revealed to be a fraudulent scheme. This development has raised concerns about the integrity of the country’s investment landscape and the need for enhanced regulatory oversight.
The PIC’s Isibaya Fund, which is responsible for managing around R18.
2 billion in investments across 23 companies, has faced a 100% loss of value, casting a shadow over the fund’s performance and its impact on the Government Employees Pension Fund (GEPF) and other public sector clients.
According to local reports, the Hawks and the Investigating Directorate Against Corruption (IDAC) are actively investigating cases related to potential corruption and impropriety at South Africa’s largest asset manager. This probe comes in the wake of several scandals that have rocked the PIC over the past year, including investment deals with Ascendis Health and Tosaco Energy.
The alleged Enable Capital scam has seen some of South Africa’s biggest asset managers scrambling to hide their losses and their association with the fraudulent firm. News24’s Sikonathi Mantshantsha reported that Old Mutual deleted a statement about OM Alternative Investments from its website, suggesting an attempt to distance the company from the scandal.
The PIC’s financial losses have not been disclosed in full, but officials have confirmed that the scheme involved a significant amount of money.
South Africa’s business landscape, already addressing economic challenges, now faces the added burden of questions about the integrity of its investment managers.
The incident has prompted calls for more stringent measures to prevent such scams in the future. Experts are urging the PIC to implement better risk management practices and to increase transparency in its investment processes.
As the investigation into the Enable Capital scam unfolds, The outcome of these efforts will be closely watched by both domestic and international investors, who are increasingly scrutinizing the governance and transparency of South African financial institutions.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Google News v2
