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Saftu calls for quick conclusion to PIC probes after Matjila's resignation

Nov 24 2018 13:59
Khulekani Magubane, Fin24

The South Africa Federation of Trade Unions urged the commission of inquiry into the Public Investment Corporation to expedite its investigations into the continent’s largest asset manager, following PIC CEO Dan Matjila’s resignation.

The PIC released a statement in which it announced that it accepted Matjila’s resignation. Allegations of kickbacks at Matjila’s associates and governance transgressions have prompted National Treasury to initiate an investigation into the corporation.

Saftu has called for clarity on the private placement of R4.3bn in the initial public offering of Iqbal Surve’s Ayo Technologies, the PIC’s decision to invest in Sagarmantha and investment in an oil refinery in Mozambique involving the son of former minister of finance Nhlanhla Nene.

The allegations have seen unions representing staff in the PIC get into a series of stand offs with PIC leadership over transparency of Matjila and the rest of the PIC board. In their statement Saftu welcomed Matjila’s resignation but called for more action.

"Saftu has welcomed the presidential commission of inquiry, headed by retired judge Lex Mpati, the former president of the Supreme Court of Appeal, and urges it to proceed swiftly to investigate all allegations not only against Matjila but the PIC board, which has continued to support him," said Satfu in a statement released on Saturday afternoon.

The inquiry is meant to look at allegations against PIC leaderships and the asset managers’ investment policies. Saftu said the inquiry must be independent and give everyone implicated the right to a fair hearing.

"The federation also demands that those suspended whistle-blowers in the PIC be reinstated immediately and that they, and other whistle-blowers, be fully protected and allowed to present their evidence to the commission," the statement said.

The union said it welcomed the fact the inquiry’s terms of reference extend beyond matters of governance and that it would also probe whether the PIC has adequate measures to protect investments from undue influence.

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