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Nhlanhla Nene orders independent inquiry into PIC

The PIC manages almost R2 trillion of funds on behalf of a number of government entities, including the pensions of civil servants.

FILE: Finance Minister Nhlanhla Nene. PIcture: GCIS.

CAPE TOWN - Finance Minister Nhlanhla Nene has ordered an independent inquiry into the affairs of the Public Investment Corporation (PIC).

The PIC manages almost R2 trillion of funds on behalf of a number of government entities, including the pensions of civil servants.

The inquiry comes in the wake of a raft of corruption allegations against its CEO Dan Matjila and several top executives.

Nene says if the board and management of a state entity fail to live up to expectations, it’s time for the responsible minister to intervene.

On Monday, Nene said he had reviewed all the documents and evidence regarding governance issues at the state-owned fund manager, including allegations against Matjila.

It’s alleged Matjila used his influence to convince the PIC to invest in a company that benefited a woman Matjila has denied a romantic relationship with.

Other executives have also been fingered in dodgy transactions linked to VBS Mutual Bank.

Nene met with the PIC board on Wednesday and says he’s instructed directors to commission a proper forensic investigation into the allegations against the fingered executives.

The minister says he will release more details about the inquiry and its head, as well as its terms of reference, in due course.

At the same time, Treasury says an independent inquiry will investigate allegations against top PIC members and governance at the corporation.

Treasury spokesperson Jabulani Sikhakhane said: “Members will be asked to come and give evidence, depending on whether you can make a contribution towards helping the inquiry establish what the facts of the matter are.”

Additional reporting by Tendani Malaudzi.

(Edited by Zamangwane Shange)

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