Malusi Gigaba. Picture: THE TIMES
Malusi Gigaba. Picture: THE TIMES

In a recent editorial, the Financial Mail warned: "Watch what Gigaba does, not what he says." The finance minister’s instruction last week that the Public Investment Corp (PIC) board, chaired by his deputy, must conduct a forensic investigation into "any concerns" of irregularities is nothing but a continuation of Malusi Gigaba’s fishing expedition to find a way to get rid of PIC CEO Daniel Matjila and key members of the executive.

With that instruction, Gigaba has removed any doubt that he did not believe himself when he said he had "absolute confidence in Matjila’s integrity and staff of the PIC" on September 26. Just a week later he was demanding an investigation. But the PIC board had already instituted an investigation into Matjila on September 15, and cleared him 14 days later.

In his instruction to PIC chairman Sfiso Buthelezi (seen by the Financial Mail), Gigaba concedes: "The PIC is among the best performing public entities with a good track record and it contributes significantly to the economy. Any form of uncertainty in the PIC would further destabilise the economy."

About that he is correct. But the PIC has been a paragon of virtue precisely because previous finance ministers were people of integrity. That has changed.

Wherever Gigaba has been, entities under his control have collapsed. The PIC will be no different.

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