Association concerned about some PIC investments

Association for Monitoring and Advocacy of Government Pensions says the PIC doesn't seem to have a proper mandate when it chooses to invest.

FILE: The commission of inquiry into the Public Investment Corporation (PIC). Picture: YouTube screengrab.

PRETORIA - The Association for Monitoring and Advocacy of Government Pensions (AMAGP) has raised serious concerns about some of the investments made by the Public Investment Corporation (PIC).

The commission of inquiry into the PIC is investigating corruption and dubious investments.

The corporation manages a number of funds including government pensions worth about R2 trillion.

AMAGP's Albert van Driel says the PIC doesn't seem to have a proper mandate when it chooses to invest, citing Eskom as an example.

“Where the PIC invested around about R90 billion in Eskom and that is whilst the credit rating was down to B2. And even when everybody realised that Eskom was being misused by the Gupta family and so on.”

Meanwhile, questions loom around the identity of a so-called whistleblower at the PIC after it was discovered that the then-CEO Dan Matjila was at the centre of a corruption case.

The head of Naledi Advisory Services Frans Lekubo has told the inquiry that he discovered that an employee had opened a case against Matjila.

He had initially been tasked with investigating malicious reports against Matjila and the leaking of confidential information.

Lekubo was asked by Matjila to find out who was sending anonymous emails to the PIC board.

The e-mails came from a person only known as ‘James Nogu’ and no one by that name worked at the PIC.

While trying to identify ‘Nogu’, Lekubo discovered that the head of IT Security Simphiwe Mayisela had opened a corruption case against Matjila without his knowledge.

It regarded allegations that Matjila had corruptly funded his girlfriend.

Mayisela was eventually dismissed along with his superior, the head of IT, because they didn’t disclose that Matjila was being investigated.

It’s still unclear who 'James Nogu' is.

(Edited by Mihlali Ntsabo)