The ANC government should get serious about recovering money looted from the Government Employees Pension Fund.
The Democratic Alliance (DA) has written to Mondli Gungubele, the Deputy Minister of Finance and chair of the Public Investment Committee (PIC) board, to request details on the action to be taken to recover the R4.3 billion the PIC wrongfully invested in Ayo Technology Solutions a company valued at a mere R67 million.
Earlier today the PIC announced that it had suspended Fidelis Madavo, Executive Head of Listed Investments and Victor Seanie, Assistant Portfolio Manager, for apparently flouting governance and approval processes with respect to the R4.3 billion Ayo Technology Solutions (Ayo) investment.
It was apparent from the outset that the PIC investment of R4.3 billion of pensioners money in Ayo, was designed to enrich persons possibly within the PIC and very likely Independent Media head Iqbal Surve, a political ally of the ANC, who controlled Ayo Technology Solutions.
The mere suspension of PIC executives will do nothing to recover the clearly corrupt investment of pensioners’ hard-earned money. The boards of the Government Employee Pension Fund (GEPF) as well as the PIC must immediately take legal action to recover the R4.3 billion from Ayo Technology Solutions, Iqbal Surve and all persons who may have been enriched by this corrupt investment. Any further delays in taking action will reduce the chances of ever recovering even a portion of the R4.3 billion of GEPF pensioners looted money.
This is yet another example of how the ANC government poses a great threat to South Africans’ pension funds. The DA will continue to fight for pensioners, and to fight corruption that erodes your hard earned pension funds.