Gi­gaba backed in call for PIC ‘trans­parency’

Afro Voice (Western Cape) - - Business - BERNARD SATHEKGE bernards@the­

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.

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