The Public Investment Corporation (PIC), which is responsible for investing more than R1.9 trillion, on behalf of a number of clients, most importantly the Government Employees Pension Fund, is in meltdown.
There is hardly a day that goes by without some new terrifying scandal surfacing at the PIC.
These include scandals surrounding:
- allegations of irregular payments made by the Chief Executive Officer, Dr Dan Matjila, which now appear not to have been investigated thoroughly, following the leaking of an “internal audit” report [see here]; and
- questionable investments, or potential investments, in inter alia Ayo Technology Solutions Limited, Sagarmatha Technologies Limited, Steinhoff International Holdings N.V. and VBS Mutual Bank.
I have, on several occasions in the past [see here and here], requested the Chairperson of the Standing Committee on Finance, Yunus Carrim, to schedule a hearing on the meltdown at the PIC.
My last request on 29 April 2018 suggested that in view of the number, and complexity of the issues, that the special hearing be scheduled for a full-day in Parliament
However, my requests have been rejected and the finance committee has effectively turned a blind eye to the meltdown at the PIC.
I will, therefore, as a last resort write to the Chairperson of the Standing Committee on Public Accounts, Themba Godi, requesting him to schedule a hearing on the meltdown at the PIC.