Malusi Gigaba appears to have an ulterior motive when it comes to the PIC

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The Minister of Finance, Malusi Gigaba, claims to be acting to restore the integrity and ensure public trust in the Public Investment Corporation (PIC).

However, as details of the letter addressed to the Chairperson of the PIC’s Board, Deputy Minister, Sfiso Buthelezi, emerge the strong impression is created that the minister has an ulterior motive, which is ultimately to purge the senior management of the PIC.

The minister seems, most importantly, determined that a forensic investigation, to be conducted by an external audit firm, be launched into the conduct of Dr Dan Matjila, the PIC’s Chief Executive Officer, despite the fact the allegations against him were found to be baseless by the PIC’s Board.

We must act to ensure that the R1.87 trillion, under management by the PIC, is not “captured” by rent seeking factions in the governing party, or by ministers desperate to bailout “zombie” state-owned enterprises, like South African Airways.

I have, therefore, written to the Chairperson of the Standing Committee on Finance, Yunus Carrim, asking him to request the minister:

  • to provide a copy of his letter to the Chairperson of the PIC, Deputy Minister of Finance, Sfiso Buthelezi, dated 09 October 2017, setting out his concerns about the PIC; and
  • to provide a copy of the terms of reference of the forensic audit to be conducted into contracts concluded by the PIC as soon as possible after they have been submitted to him.

It’s imperative that we have sight of the minister’s letter before the PIC appear before the finance committee on Tuesday 17 October 2017 in Parliament.

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