PIC has no further excuses and must now disclose details of its “unlisted investment portfolio” to Parliament

Issued by David Maynier MP – DA Deputy Shadow Minister of Finance
05 Dec 2018 in News

Dr Dan Matjila, the former Chief Executive Officer of the Public Investment Corporation, refused to disclose details of investment in the “unlisted investment portfolio”, on the grounds that the Government Employees Pension Fund’s 2017/18 annual report had not been tabled in Parliament.

Well, the Government Employees Pension Fund’s 2017/18 annual report has now been tabled and there are no further excuses to delay the disclosure of details of the investment in the “unlisted investment portfolio”, which were valued at R70 billion in 2017/18.

We should not be in a position where we have to “crowbar” details of investments in the “unlisted investment portfolio” out of the Public Investment Corporation.

I will, therefore, write to the Acting Chief Executive Officer of the Public Investment Corporation, Matshepo More, requesting her to immediately disclose details of the investments in the “unlisted investment portfolio” and not to delay the disclose until the 12 December 2018 deadline for my request for access to this information in terms of the Promotion of Access to Information Act (No. 2 of 2000).

The Government Employees Pension Fund 2017/18 annual report, which discloses some information about investments in the “unlisted investment portfolio”, is a sign of things to come, revealing an impaired loan to the Lancaster Group, worth R4.2 billion, and an impaired loan to Independent News and Media South Africa (Pty) Ltd, worth R1.05 billion.