Looted funds from its coffers helped “grease the wheels” of groups like the Broederbond long before 1994, and the Public Investment Corporation’s billions are still a “honey pot” for the connected few.

This is according to billionaire Magda Wierzycka, who spoke to the Cape Town Press Club on Wednesday about what she believes is the plundering of the PIC.

Describing it as “the closest thing South Africa has to a sovereign wealth fund”, Wierzycka said the PIC has been used to enrich a small group of individuals through a “project” independent of state capture, but running parallel with it.

The Sygnia founder explained some of the findings she had made after taking a “deep dive” into the Johannesburg Stock Exchange (JSE) listing of AYO Technology Solutions. The PIC invested R4.3bn for a 29% share in AYO, linked to Cape Town businessman Iqbal Survé.