Cosatu ups ante on PIC ‘capture’
The federation floats the idea of stripping the finance ministry of unilateral powers to appoint members to the Public Investment Corporation board
Cosatu is calling for a moratorium to prevent the use of Public Investment Corporation (PIC) funds to finance any government institution. It said on Tuesday that it would also explore the possibility of "depoliticising" the PIC by stripping the finance ministry of the powers to unilaterally appoint board members of the fund manager. The federation said it had requested an urgent meeting with Finance Minister Malusi Gigaba to express its "grave concern" on reports that the "Gupta network" was trying to lay its "grubby hands" on workers’ retirement savings at the PIC. "We are also concerned to learn that Gigaba is going ahead with his attempts to use workers’ retirement savings to bail out the captured state-owned enterprises," said Cosatu general secretary Bheki Ntshalintshali. The federation said it would not allow the PIC to be "looted" the same way that Eskom and other state-owned enterprises had been. Ntshalintshali said those guilty of looting state-owned enterprises first had t...
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