The United Democratic Movement (UDM) welcomes the publishing of the long-awaited report of the Mpati Commission of inquiry into the Public Investment Corporation (PIC). We are happy that, even though President Ramaphosa took his sweet time in releasing it, it does not seem as if there was any attempt to lessen the blow.
We have been vindicated with the Commission’s findings which attributes improprieties to the PIC senior management for failure to manage decision-making in a professional and honest manner. The Commission found in particular that the former CEO, Dr Dan Matjila was dishonest, and the PIC board merely rubber-stamped his decisions.
In particular the UDM is happy that the Commission cut to the bone in its findings around Harith, saying that the company managed the PAIDF I and II “at significantly high fees” and that the earnings and incentive schemes provided rich rewards for those “…selected by the PIC… confirming that PIC directors and employees used their positions for personal gain and/or to benefit another person.”
“Harith’s conduct was driven by financial reward to its employees and management, and not by returns to the GEPF. In essence the PIC initiative, created in keeping with government vision and PIC funding was ‘privatised’ such that those PIC employees and office bearers originally appointed to establish the various Funds and companies reaped rich rewards.”
Even though we are proud of the fact that we championed the cause in getting the rot exposed at the PIC, the sad part is that the damage done will be everlasting.
At this stage, we certainly hope that the National Prosecuting Authority, and other authorities, will run with the ball and bring any and all guilty parties to book. This process should be a lesson in point for the greedy hyenas out there that they will not get away with corruption and mismanagement.
The UDM will be scrutinising the details of the almost 1000-page report in due course.
Issued by:
Mr Bantu Holomisa
UDM President
