Cosatu aware of covert attempts 'to kill' PIC Amendment Bill
The trades union federation says it’s concerned about behind the scenes efforts to scupper the bill, which is aimed at strengthening governance, accountability and transparency in the dealings of the PIC.
CAPE TOWN - Cosatu says it wants the Public Investment Corporation (PIC) Amendment Bill dealt with by the National Council of Provinces (NCOP) before it rises at the end of March ahead of the May elections.
The trades union federation says it is concerned about behind the scenes efforts to scupper the bill, which is aimed at strengthening governance, accountability and transparency in the dealings of the PIC.
The National Assembly approved the bill on Tuesday and it must now get the green light from the NCOP before it can be signed into law by President Cyril Ramaphosa.
Cosatu says the amendment Bill is badly needed, given what’s being exposed at the judicial inquiry into the PIC headed by retired Judge Lex Mpati.
But the federation’s Matthew Parks says it’s aware of covert attempts to kill the bill.
"We know there are powerful individuals with vested interests in the PIC who are seeking to collapse the bill, and Cosatu will stop at nothing to stop them."
Parks did not name the individuals.
The DA and some other opposition parties opposed the bill, with the DA claiming it paves the way for pension funds to be compelled to invest in prescribed asset projects, aimed at social and economic development.
Parks says the National Council of Provinces must deal with the bill before it rises on 28 March and that Ramaphosa must then swiftly sign it into law.
(Edited by Shimoney Regter)