With the questions DA MP, David Maynier raised in the Standing Committee on Finance Portfolio Committee meeting today, PIC (Public Investment Corporation) disclosed that the State-owned company lost over R100billion within 48 hours Honorable Jacob Zuma axed Nhlanhla Nene, the then Minister of Finance.
PIC is a registered financial services provider, wholly owned by the South African Government, with the Minister of Finance as shareholder representative.
Daniel Matjila, PIC’s CEO, divulged that the government Employees Pension Fund lost R95 billion and UIF (Unemployment Insurance Fund) R7 billion.
Also, the Compensation Fund lost R3 billion and other funds R1.2 billion. These were all incurred within 48 hours after Mr President’s controversial announcement that he’s removed Nene from the finance portfolio.
Although Matjila added that PIC made “significant recovery” after the 48 hours, Maynier noted that what Matjila revealed shows that the insinuation that Zuma is being persecuted is baseless. Maynier inferred that the calls for Zuma to step down is a mission to save South Africa and not a witch-hunt of the President.
The revelation, he said, “is a stark reminder of how much damage was done to pensioners’ savings and proof that President Jacob Zuma was dead wrong when he claimed the effect of his disastrous decisions was ‘exaggerated’ in South Africa.”
Following the agitations that emanated after Zuma replaced Nene with Van Rooyen, he replaced Van Rooyen with Gordhan, the present Finance Minister.
However, he later declared that Van Rooyen is the most qualified Finance Minister he’s ever appointed.
Then, Zuma said; “You may not know why I took that decision, you might get very good reasons why, but if you don’t know you speculate on the basis of what you see, when there might be very serious reasons…
Rooyen is my comrade, MK for that matter, he’s a trained finance and economic comrade and more qualified than any minister I have ever appointed in the finance issue.”