Gigaba acts on PIC concerns

Finance Minister Malusi Gigaba has given the board of the Public Investment Corporation (PIC) and its CEO‚ Dan Matjila‚ two weeks to give him a list of all the PIC’s beneficiaries and investments.

Treasury said on Friday that the list would be made public‚ and that Gigaba had called for a forensic investigation of any concerns about irregularities at the asset manager.

The minister expects the list to detail the directors and shareholders of the companies in which the PIC is invested‚ to ensure transparency and build confidence in the PIC‚ which looks after public sector workers’ pension funds.

Gigaba said: “We need to assure pension holders that those with political or economic power will not be allowed to unduly influence the PIC.”

He said he would consider demands from labour to sit on the PIC board.

Unions made the demand this week‚ saying it was provided for in the PIC Act.

Treasury’s statement on Friday morning said the minister was concerned about the “politicising” of the PIC.

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