The wholesale looting of the Public Investment Corporation (PIC) by the ANC and its surrogates is clear evidence that the ANC is a haven for the corrupt and President Cyril Ramaphosa’s ‘crusade’ against corruption is a Public Relations exercise with no real consequences for perpetrators.
Media reports alleging that the Minister of Co-operative Governance and Traditional Affairs, Zweli Mkhize, benefited from kickbacks worth R4,5 million for facilitating deals with the PIC, is a clear sign yet of the non-existence of the ‘good ANC’.
Mkhize is the latest example of high ranking ANC officials who use their association with the party to loot state resources with impunity. Instead of taking action against his wayward comrades, Ramaphosa has chosen to appease ANC factions by keeping Mkhize, Nomvula Mokonyane and Bathabile Dlamini in his cabinet.
ANC malfeasance at the PIC is behind the dearth of good corporate governance at the PIC, which resulted in the en masse resignation of the PIC Board on Friday.
The Board was failing to exercise its fiduciary duties to the point where it approved dubious investments into companies such as Iqbal Surve’s Ayo Technology Solutions, which obtained a R4,3 billion windfall by withholding key investment information from the PIC.
It is now up to Tito Mboweni, the Minister of Finance, to appoint a new board. The new PIC board appointments must be based entirely on merit and must in no way include any ANC cadre deployees.
Now, more than ever, it has become vital that the PIC amendment Bill, introduced by the DA, is dealt with without any delay and must become law before parliament rises for the general elections. The bill provides for a more robust and transparent PIC, gives greater representation for state employees, and enhanced accountability.