MPs want Gigaba to explain call for forensic audit of PIC

The Finance Committee met with the GEPF, the PIC and trade unions on Tuesday to discuss the use of public sector workers’ pension funds for investment purposes.

FILE: Finance Minister Malusi Gigaba. Picture: Reinart Toerien/EWN.

PARLIAMENT - Parliament’s Finance Committee says Finance Minister Malusi Gigaba needs to explain why he believes it’s necessary to conduct a forensic audit into the investments of the Public Investment Corporation (PIC).

It says in its view the corporation is performing well.

But it wants the PIC board to carry out a thorough inquiry into the allegations against its CEO, Dan Matjila, and report back on progress within two months.

The Finance Committee met with the Government Employees Pension Fund (GEPF), the PIC and trade unions on Tuesday to discuss the use of public sector workers’ pension funds for investment purposes.

It says Gigaba should consult with trade unions on why he wants to audit the PIC’s investments.

He should also provide reasons as to why this is in the interest of GEPF members.

In addition, the committee wants to see the terms of reference for the investigation.

It says it agrees with a proposal by trade unions that they should be represented on the boards of the GEPF and the PIC.

The committee says it shares the view of the unions that pension funds should not be used to bail out ailing state-owned enterprises.

(Edited by Zamangwane Shange)