Gigaba’s order to reveal all PIC deals a fresh bid to oust Matjila?
FINANCE Minister Malusi Gigaba has demanded that embattled PIC boss Dan Matjila and the board reveal the entity’s investments and people it has funded, in what is believed to be a fresh bid to oust the latter.
The demand is contained in a letter seen by The Mercury’s sister newspaper, The Star, that Gigaba sent this week to Deputy Finance Minister Sfiso Buthelezi, who is also the PIC’s chairperson.
The minister’s letter comes after Matjila survived attempts to remove him last month and replace him with a Gupta-family appointee – a move seen as a smash-and-grab operation by the controversial family.
Gigaba has now demanded that the PIC board appoint a reputable independent forensic company to audit “outstanding matters not done by the internal audit as they (internal auditors) do not have the capacity to audit additional matters as per my request”.
In the wake of a big march by Cosatu to block attempts to hijack the PIC and Deputy President Cyril Ramaphosa’s comments that the entity should be protected, Gigaba now wants details of all PIC transactions – both listed and unlisted investments – including:
The amounts on transactions included.
The transactional advisers and/or sponsors.
The amounts paid by the PIC to those transactional advisers or sponsors.
All the BEE consortiums in those transactions: “this must specifically state each individual or legal entity that has participated in that consortium”.
In case of a legal entity, directors and shareholders of the entity must be disclosed.
“I also request that you furnish me with a list of transactions that you have concluded with parties that are classified as PIPs (Prominent Influential Persons),” Gigaba wrote.
“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,” he said.
However, Treasury spokesperson Mayihlome Tshwete rejected the contention that the minister’s letter sought to target Matjila, saying Gigaba sought to bring the PIC saga to its finality.
“It (the letter) is not interference. When you are accused of wrongdoing, it is best to open yourself up and be transparent,” Tshwete said, adding people had nothing to fear from the probes if there was nothing to hide.