Public Investment Corporation probed about state capture and dodgy investments

3 weeks ago written by

As the South Africa government announced that the Public Investment Corporation (PIC) will be subjected to an independent investigation, the trade union Solidarity said it served court papers to obtain information from the PIC.

Solidarity said while it welcomed the government probe, it stated the court process to obtain information about possible state capture and unlisted investments.

According to Johan Kruger, Solidarity deputy chief executive, the trade union and its public service members are most frustrated by the refusal of PIC and the Government Employees’ Pension Fund to disclose essential information about transactions affecting its members. “Despite several promises and a parliamentary instruction both PIC and the GEPF have failed to disclose the information to Solidarity. For this reason, Minister Nene’s intervention and the announcement of an independent probe into PIC are to be welcomed,” Kruger explained.

The Parliamentary Standing Committee on Finance instructed PIC and the GEPF back in October 2017 to provide Solidarity with information about possible state capture and unlisted investments. This step followed after the parties concerned had refused to provide the information Solidarity had requested in terms of the Promotion of Access to Information Act (Paia). PIC and the GEPF had to comply with this instruction within 30 days but simply ignored it.

“Solidarity is now approaching the High Court to obtain a court order in terms of which PIC and the GEPF are to disclose the information we are requesting to enable us to do our own investigation to ensure that the funds of our members, who are also GEPF members, are managed and invested in a responsible and transparent manner. Solidarity is offering its assistance to any investigating team to get the answers that are needed to restore confidence in PIC and the GEPF,” Kruger concluded.

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