Standing Committee on Finance must probe the chaos at the PIC

Issued by David Maynier MP – DA Shadow Minister of Finance
01 May 2018 in News

On 29 April 2018 I, once again, wrote to the Chairperson of the Standing Committee on Finance, Yunus Carrim, requesting him to schedule a hearing on the chaos at the PIC.

This follows revelations, as a result of an investigation into a smear campaign against Dr Dan Matjia, that resulted in the firing, and suspension, of several senior executives at the PIC.

The firing, and suspension, of senior executives comes after a string of allegations about questionable investments made by the PIC.

The fact is that hardly a day goes by without some terrifying new scandal surfacing at the PIC.

We believe the hearings should inter alia cover:

  • the outcome of the investigation of the smear campaign against Dr Dan Matjila and the subsequent firing, and suspension, of senior executives at the PIC; and
  • questionable investments, or potential investments, in Ayo Technology Solution Limited, Erin Energy, Sagarmatha Technologies Limited, Steinhoff International Holdings N.V. and VBS Mutual Bank.

We also believe that the hearing should be scheduled over a full day and that the finance committee should have access to copies of all the relevant minutes of investment committee meetings of the PIC.

We are not going to allow the Standing Committee on Finance to turn a blind eye to the chaos at the PIC.