Ex-PIC chair takes to stand

The commission of inquiry into allegations for impropriety regarding the Public Investment Corporation (PIC) continued yesterday, with former chairperson Jabu Moleketi being cross-examined on allegations of a conflict of interest in relation to former directors and employees of the PIC.

Moleketi has also been accused of being part of a black economic empowerment (BEE) cartel which has access to PIC funds.

He continued his testimony against allegations made by United Democratic Movement (UDM) leader Bantu Holomisa of mismanagement at the PIC.

Holomisa, who asked the commission to investigate mismanagement at the PIC, alleged that there remained a cartel of BEE beneficiaries who appeared to have had easy access to the resources of PIC.

In allegations against Harith General Partners (HGP), Harith Fund Managers (HFM) and the Lebashe Investment Group, the UDM leader maintained state coffers were looted, although he has not provided evidence to support his claims.

Moleketi refuted claims that the PIC had put peoples’ pensions at risk, as stated by Holomisa. While reading his testimony, he elaborated that he was a shareholder of Lebashe through his family trust. He is chief executive of investment company HGP and is former PIC head of corporate finance and the Isibaya Fund.

The commission heard how allegations of impropriety made against Moleketi by Holomisa were misinformed and untrue.

The former deputy finance minister said he received no board fees or options and was never a beneficiary of the PIC.

“PIC benefits from its shareholding of HFM,” Moleketi told the commission as he continued his testimony after Tshepo Mahloele, chairperson of Lebashe Investment Group and chief executive of HGP, took the stand last week.

The inquiry continues.