PIC board should not be headed by a politician, says Holomisa

The board quit on Friday in the wake of corruption revelations at a commission of inquiry probing impropriety at the state-owned asset management company.

United Democratic Movement leader Bantu Holomisa speaking at the Cape Town Press Club on 5 February 2019. Picture: Lindsay Dentlinger/Eyewitness News.

CAPE TOWN - The United Democratic Movement (UDM) leader Bantu Holomisa says Finance Minister Tito Mboweni needs to act decisively to bring stability to the Public Investment Corporation (PIC).

The board quit on Friday in the wake of corruption revelations at a commission of inquiry probing impropriety at the state-owned asset management company.

Holomisa was at the forefront of calls for a commission of inquiry into the PIC.

Speaking at the Cape Town Press Club on Tuesday, Holomisa said he wants to see the PIC completely delinked from government appointments.

It's customary that the deputy finance minister holds the position of PIC board chairman. Deputy Finance Minister Mondli Gungubele also quit on Friday along with board members who have been implicated in corruption.

Holomisa believes the PIC board should not be headed by a politician and he has given Mboweni advice.

“You need to screen the people you are going to appoint there and I hope you we not going to be given another list of ANC cadres to go and run the PIC.”

He's also calling for unlisted transactions at the PIC to be published.

“This thing of saying it is secret... We are totally against that because that's where this money is stolen.”

The outgoing directors have pledged to stay on until new ones have been appointed.

(Edited by Thapelo Lekabe)