DA Praises PIC For Disclosing Secret Investments Worth R44.6bn


Yielding to growing calls for transparency in all government departments, the Public Investment Corporation (PIC) has disclosed information about secrete investments which were valued at R44.6 in the 2015/16 financial year.

The Democratic Alliance (DA) which seems happy with the corporation’s decision to disclose its financial activities in the 2015/2016 financial year, said it welcomed the decision by Dr. Dan Matjila, PIC’s Chief Executive Officer to enlist these secrete investments in its portfolio.

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The party said the PIC had for the first time, revealed 12 pieces of information, including the name, type, value, internal rate of return and the names of all directors of all 250 investments, on 31 March 2016.

“This brings to an end my five-month-long campaign for greater transparency at the Public Investment Corporation, which began on 10 May 2016, during a heated Standing Committee on Finance meeting in Parliament,” said the DA shadow minister for finance, David Maynier

The DA stated that the fact that the information has been made public is significant because:

  • We can, for the first time, scrutinize the 250 investments in the “unlisted portfolio” of the Public Investment Corporation; and
  • The expectation that such information will be disclosed in the future, will be a major disincentive to “rent seekers”, with political influence, from trying to raid the Public Investment Corporation.

“The Deputy Minister of Finance, Mcebisi Jonas, and the Chief Executive Officer, Dr. Dan Matjila, have been courageous and deserve full credit for opening up the Public Investment Corporation,” Maynier said.

Maynier further noted that the Public Investment Corporation (PIC) manages public funds on behalf of clients, principally the Government Employees Pension Fund, and therefore, should not be allowed to withhold information on any investments from Parliament.

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 Meanwhile, the DA youth has laid criminal charges against Collen Maine, the President of the ANC Youth League – also known as the ‘Zuma Defence League’ – for inciting violence, after he called on MK veterans to take up arms for President Jacob Zuma.

“We contend that these remarks are highly incendiary and are at direct odds with the principles of a nonviolent society as envisaged by our Constitution.”