BILL PROPOSAL
DA seeks changes to PIC law amid graft concerns
The initiative comes amid mounting concern the Public Investment Corporation has become the target of state plunder
Moves are afoot to propose far-reaching amendments to the Public Investment Corporation (PIC) Act to enhance transparency and strengthen the asset manager’s board. The initiative comes amid mounting concern that the PIC has become the target of those with an eye on the R1.87-trillion it has under management. The PIC manages investments on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund (UIF) and the Compensation Fund, in addition to a number of smaller funds. CEO Dan Matjila has been the subject of a smear campaign, which was seen as an attempt to oust him in order to gain control of the PIC. Finance Minister Malusi Gigaba is also concerned about the politicisation of the PIC and announced on Friday that he had written to Matjila and the board asking for a list (within two weeks) of all the PIC’s beneficiaries and the investments which will be made public. He has also asked for a forensic investigation into concerns about irregularities. The l...
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