PIC’s R44.58 Billion Secret Investments, DA Want Answers


Apparently, the Public Investment Corporation (PIC) has some R44.58 billion secret investments, and is unwilling to disclose the details of the investment.

DA however, has urge PIC to disclose the details warning that the Public Investment Corporation should not be allowed to withhold information about any investments from Parliament.

The opposition party’s warning was based on the fact that PIC manages public funds on behalf of clients, including the Government Employees Pension Fund.

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As such, DA’s shadow Minister of Finance, David Maynier wrote to the Chief Executive Officer of the Public Investment Corporation, Dr Dan Matjila, requesting he provide detailed information about the PIC’s R44.58 billion secret investments to the Standing Committee on Finance before 18 October 2016.

Maynier disclosed that he first put the Public Investment Corporation under pressure to disclose detailed information about secret investments in its unlisted portfolio at a heated meeting of the Standing Committee on Finance on 10 May 2016 in Parliament.

Subsequently, he wrote to Dr Dan Matjila, again, requesting detailed information about the secret investments. He received a reply on 24 June 2016. The reply assured that subject to legal advice, a response was being compiled.

Maynier quoted an excerpt from the reply to have said: “at the outset please allow me the opportunity to assure you that it is neither the PIC’s intention to deliberately delay the process of availing the requested information nor is it our intention to hide information from Parliamentary scrutiny.”

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With that, the shadow Minister stated that the Standing Committee on Finance have waited long enough.

“…The Public Investment Corporation needs to get on with it and provide detailed information on secret investments in its R44.58 billion unlisted portfolio before they appear before the Standing Committee on Finance on 18 October 2016 in Parliament,” Maynier charged.

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