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GEPF satisfied with PIC's management of its assets, inquiry told

The Government Employee Pension Fund (GEPF)’s principal officer said the PIC had performed according to its mandate and delivered returns on investment.

A screengrab of Abel Sithole, principal executive officer of the Government Employees Pension Fund, at the PIC inquiry on 15 July 2019.

PRETORIA - The Government Employee Pension Fund (GEPF)’s principal officer said that while it had some concerns about governance at the Public Investment Corporation (PIC), it was satisfied with the manner in which its assets are being managed.

Abel Sithole made the comments on Monday at the commission of inquiry which is being chaired by former Supreme Court Judge Lex Mpati.

The PIC, which manages more than a trillion rand of the GEPF's funds, invested R4.3 billion rand in Ayo Technologies in December 2017 and is the subject of the Mpati commission.

Sithole said the PIC had performed according to its mandate and delivered returns on investment.

"The GEPF, in the bigger scheme of things, does not have concerns around that. It might have concerns around the challenges of governance, concerns around management and some of the revelations that have been made at this commission, it might have concerns about that but that needs to be understood in the broader context of the PIC's management of the GEPF assets and the returns thereof in totality."

Sithole revealed that the PIC did not consult with the pension find prior to its R4.3 billion rand investment in Iqbal Surve’s Ayo Technologies.

It’s alleged senior officials, including former chief executive Dan Matjila, circumvented procedures to finalise that investment.