|PIC looting scandal

PIC looting scandal

Mr Bantu Holomisa, MP UDM President

Mr Bantu Holomisa, MP
UDM President

The deeper we dig, the greater the corruption exposed. The United Democratic Movement (UDM) has been saying all along that there is something seriously wrong at the Public Investment Corporation (PIC) and that it is endangering the pensions of government employees.

Our sources indicate as much, and the scratch-work done by the media; in particular the amaBhungane Centre for Investigative Journalism, reads like a corruption horror story. As the drama unfolds, a pattern emerges where some of the family members some Deputy Ministers of Finance, de facto chairs the PIC board, have had their fingers in the PIC cookie jar. It would therefore make sense to think that Minister Nene has been covering for PIC CEO Dan Matjila, the board and himself.

Only yesterday did he confirm that he had tea and coffee, almost six times, with the Gupta family. This proximity of Minister Nene and his son to the Guptas is no different from the connection of former president Jacob Zuma and ANC Secretary General Ace Magashule. Even the Gwede Mantashe toilet scandal in Amathole comes to mind.

There is a clear conflict of interest here and, under normal circumstances Minister Nene would be handing over his resignation this morning. Nene and Matjila should be removed from their positions and the current board be dissolved, to make way for an interim board until this matter has been investigated.

Very early on, the UDM approached President Ramaphosa regarding various dodgy PIC deals and he promised to act. Yet, the Ramaphosa has been stalling in appointing the PIC commission of inquiry and publishing its terms of reference. He made this announcement and the months’ delays are casting aspersions on his integrity.

There is enough prima facie evidence that should convince the president to get the PIC inquiry up and running with immediate effect with the participation of the Directorate for Priority Crime Investigation, the Financial Intelligence Services, as well as Interpol. Also, each of the past PIC Chairmen of the Board should be investigated.

For further comment:
Mr Bantu Holomisa, MP
UDM President

2018-10-05T08:57:18+00:00October 5th, 2018|#PICScandal, 2018 Archive, Bantu Holomisa, Home|Comments Off on PIC looting scandal