Gigaba backed in call for PIC ‘transparency’
COMPETITION Commission commissioner Tembinkosi Bonakele yesterday told delegates attending the Black Management Forum (BMF) conference that he strongly supported Finance Minister Malusi Gigaba in calling for “transparency in all investments” made by the Public Investment Corporation (PIC) and the naming of those people who received money from it.
The PIC, the biggest fund manager in Africa, which invests R1.9 trillion on behalf of the Government Employees Pension Fund and other funds, has come under scrutiny with claims that some elements in the government want to use it to prop up unsustainable stateowned companies.
Bonakele said he had a suspicion that those receiving money from the PIC were not black individuals.
“I’m waiting to see who the people or companies are that the PIC has been dealing with.
“It will be interesting to see who is receiving money from this institution,” he said.
He said PIC funds should be used to help the black majority and the BMF should look into the PIC to find out exactly who is benefiting from it.
“We are shooting ourselves in the foot by not implementing good policies that will benefit everyone.
“Real work and execution need real leaders and that is a big problem with South Africa,’’ he said.
Numsa president Andrew Chirwa said radical economic transformation was the only way for blacks to acquire wealth and that it was time to look at who controls and owns various sectors of the economy in order to reverse the current status quo.
“Monopoly capital exists and is only interested in making profits and overlooking the issue of inclusive economy and transformation.
“It is possible that the state can be used as an instrument to lead blacks into prosperity.
“President Jacob Zuma taught us that radical economic transformation is working, by using one family to capture the state,’’ he said.
However, Chirwa made it clear that that didn’t mean the Gupta family were in the wrong.
“The reality is that they touch the nerve centre of white monopoly capital.”
Thabi Leoka, an economist at Argon Asset Management, said another issue blocking blacks was that of regulations and financial access.
“About 90% of loans extended by the Land Bank is to whites. We need to direct money to those who can’t afford it,” she said.