Gigaba urged PIC members to Disclose all transactional details amidst Corruption allegations

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Corruption and Politics have eventually become a synonym to each other in the wake of the recent happenings around the world. In the lieu of the same, reports are publishing in South African politics too also based on the same, that the Public Investment Corporation (PIC) boss, Dr. Dan Matjila was being tarnished and targeted over corruption allegations. Finance Minister Malusi Gigaba has penned  a letter to his deputy Sfiso Buthelezi (who is also PIC board chair urging him along with all the members alongside) to disclose all PIC transactions (both Listed and Unlisted Investments) concluded in the last 3 years from 2014 to date.

Malusi Gigaba

Moreover, Gigaba also asked the PIC board to “immediately conduct a forensic audit on all its contracts on investments for the past two years to till date”. It’s worth mentioning here that Matjila was already been reported for his indulgence in a corruptive and possibly fraudulent investment deal for approx R1bn in an “almost done and dusted “Mozambican oil refinery plant. Even, this plant is not even operational in practical even after a massive cash injection from the PIC over the years.

It must be noted here that Matjila has been able to escape two meetings that have been called in the wake of all these allegations to him, where he’s been reported to fund a close partener’s business. Moreover, the board has said that it had “full confidence in Matjila’s integrity and ability”. But still they would ask the PIC’s internal auditors to investigate all the evidence, which Matjila had provided in response to the charge of Monetary Fraud involving R26-million.

As per a letter published by renowned news website, Weekly expose, Gigaba has been seen expressing, “grave concern that the negative perceptions and concerns have continued to manifest themselves in the public domain in the past few weeks, even after there has been an attempt to address these issues”.

Gigaba wrote:The PIC is amongst the best performing public entities with a good track record and it contributes significantly to the economy. Any form of uncertainty in the PIC would further destabilise the economy.” He further demanded that Buthelezi disclose the following:

  • The transactional advisors and or sponsors of all transactions.
  • The amounts paid by PIC to those transactional advisors or sponsors.
  • Disclose all the BEE Consortiums in those transactions: this must specifically state each individual or legal entity that has participated in that consortium (e.g. company, trust).
  • In case of a legal entity, directors and shareholders of the entity must be disclosed.

“I further request that the PIC discloses details of individuals or companies who have been funded by the PIC or participated in a PIC transaction more than once in the past three years. This should also reflect the amount of these transactions” Gigaba Added.

Note:The Above Article is in reference to the news published on WeeklyXpose on 11 oct 2017
  • Keorapetse Mahlobo

    Dan matjila is another puppet of WMC working within the Government’s roots, time to take him out….

  • Lebona Sekha

    Gigaba must cleanse the PIC else the bugs will spread all the mess around.

  • Adebo SA

    We are dealing with some local Traitors who are eating this country’s resources in the name of Economic Reforms.