NEWS ANALYSIS: The PIC in the firing line in Zuma's madness
Zuma’s cabinet shake-up puts the new deputy finance minister in the PIC chairman’s seat. Given the influence that institution wields, vigilance is key
Driving tourists through a game reserve the other day, the ranger spotted a crocodile to the vehicle’s left. So intently were passengers studying it that they didn’t notice a hyena approaching from the right. Much the same can be said about the present attention on the ministerial changes at national treasury. If it can now be subjected to “state capture”, then the Public Investment Corp (PIC) can be too. Be worried — be very worried — because there’s an aspect that has yet to hit home significantly. It’s in the replacement of deputy finance minister Mcebesi Jonas by Sfiso Buthelezi. There’s a difference between them in that Jonas fell out of favour with President Jacob Zuma. There’s no difference between them in that the position of deputy finance minister automatically carries with it the position of PIC board chair. There could be a difference between them, still to be seen, in the execution of the PIC role. Jonas made waves. An outstanding example was his insistence that the PIC...
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