Parties and unions in bids to steer PIC probe
Solidarity starts court action to compel corporation to provide information on transactions
Several political and trade union groups launched bids on Thursday to influence the investigation into the affairs of the Public Investment Corporation that Finance Minister Nhlanhla Nene announced on Wednesday. Nene announced two inquiries: an independent inquiry into governance at the PIC for which he will choose the head and set the terms of reference, and a forensic inquiry into several directors including CEO Dan Matjila, that will be run by the fund manager’s board. The PIC manages nearly R2-trillion in government pension and other funds. UDM leader Bantu Holomisa, who has an active court application to force Nene to hold an investigation and suspend Matjila, aims to influence the terms of reference of the inquiry. Holomisa has written to President Cyril Ramaphosa urging that the PIC’s relationship with Harith General Partners, an investment company it established in 2006, be included. Harith is run by a former PIC employee, Tshepo Mahloele. Holomisa — who has been gagged by a...
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