|GEPF’s R7,4 billion write-offs are shocking

GEPF’s R7,4 billion write-offs are shocking

The United Democratic Movement noted with disbelief, the Government Employees Pension Fund’s (GEPF) write-offs amounting to R7,4 billion for the 2017/2018 financial year.

These write-offs are of direct consequence of some of the Public Investment Corporation’s (PIC) most controversial deals such as investments in Steinhoff/Lancaster 101, as well as with companies controlled by Iqbal Surve. All of which happened under the management of former PIC boss, Dr Dan Matjila.

Something is rotten in the state of Denmark. Why were these PIC investments given the green light? Why was the GEPF board allowed to make these write-offs? Why was there a delay in appointing the PIC commission of inquiry? Has anything been swept under the carpet? Minister of Finance Tito Mboweni and his deputy, Mondli Gungubele has much to explain.

The Mpati Commission of Inquiry must get to the bottom of this mess; sooner rather than later. It should, in particular, look at these transactions that led to the write-offs. The PIC board and Dan Matjila should not get away with this immoral and egregious abuse of people’s retirement money. Merely resigning from a position cannot be the end of the road, if corruption is proved, the guilty must go to jail.

The state pensioners, whose moneys are invested at the PIC, have a right to be very worried about how the GEPF and PIC boards are handling their funds, because the powers that be has cast them to the wolves.

In the meantime, the disciplinary action taken against any PIC staff members should be immediately suspended pending the outcome of the work to be done by the Mpati Commission.

For further comment:
Mr Bantu Holomisa, MP
UDM President

Leave A Comment

eight + 16 =