Remove all politicians from PIC board, demands the PSA

THE PUBLIC Servants Association (PSA) has thrown its weight behind Public Investment Corporation (PIC) chief executive Dan Matjila and characterised attacks on the corporation as political interference.

It warned that political interference had the potential to damage the integrity and independence of Africa’s largest fund manager, which oversees R2.1 trillion on behalf of government employees.

PSA deputy general manager Tahir Maepa called on the removal of all politicians from the PIC.

“The PSA condemns the political stranglehold on the PIC and demands the removal of all politicians from the PIC, including the Deputy Minister of Finance (Mondli Gungubele), and the freezing of all investments pending the appointment of union representatives on the PIC board,” said Maepa.

He said the union had been engaging the PIC on what it regarded as “questionable processes and investments” by the corporation that impacted on government workers’ pension investments.

“The PSA agrees with (Finance) Minister (Nhlanhla) Nene that no sufficient evidence has been produced to review the decision of the current board. The PIC chief executive, Dr Dan Matjila, was cleared by the PIC board on all allegations that he acted improperly by awarding a loan to a company that was linked to his supposed girlfriend,” said Maepa.

Nene had opposed an urgent application, brought by the United Democratic Movement (UDM), to suspend Matjila. This was after Gungubele, who chairs the PIC board, reportedly elected not to oppose the UDM’s application, arguing in his affidavit that he couldn’t confidently state that the PIC’s board acted properly when it dealt with the Matjila matter.

The PSA said the allegations against Matjila were linked to a need to replace him with someone who was “friendlier” to Gungubele.

“The PSA is aware that these political ploys to remove Matjila are a way to accommodate investments of a faction of politically connected individuals. If Matjila is guilty of anything, can that evidence be produced, instead of this mudslinging,” said Maepa.