We have seen this movie so many times now, it’s like a rerun of an old horror flick. The first step is the "invigoration" of the board through the appointment of a new member. The second step is a shocking leak of insider gossip, usually pretty trivial but personally embarrassing. The third is an investigation "to find out the truth". The fourth is that some relatively innocent, totally professional, hugely talented insider is suspended, or ousted, more or less on a pretext. Then much later, we learn the truth: that the intention was not to maintain perfect ethical standards, but to remove obstacles to the looting of state structures. This movie is just beginning to play out with the greatest prize of them all, the Public Investment Corporation (PIC). It’s well known that the PIC is the country’s biggest money pot. It manages a portion of five pensions funds linked to state organisations, the largest being the Government Employees Pension Fund. The organisation’s CEO, Daniel Matjila...
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