PSA wants its PIC concerns addressed

AS THE Commission of Inquiry into allegations of impropriety at the Public Investment Corporation (PIC) resumes this week, the Public Servants Association (PSA) said it expects retired Judge Lex Mpati and his team to deal with its list of grievances.

The public service trade union, representing up to 240 000 members, which has invested pension funds with the PIC, has come out guns blazing over the manner in which the commission has handled proceedings over the last couple of months.

The union recently wrote a letter to Mpati questioning why only a select portion of companies have been called to account over investments with the state-owned asset manager, while others who have been fingered in dealings with the PIC have still not been hauled before the commission, which is expected to present a report to President Cyril Ramaphosa at the end of this month.

“They will have to start working. Time is running out for them. We need each and every company to state its case and we won’t rest until this happens,” PSA general secretary Ivan Fredericks said yesterday.

He said the commission had in the meantime responded, saying it was looking to probe more companies over the next few weeks, but Fredericks said this should have been done already.

The PSA has also raised alarm at revelations that the commission’s embattled

leader, advocate Jannie Lubbe, had singled out nine black-owned firms such as Erin Energy, Tosaco, Ayo Technology Solutions, Lancaster, Sagarmatha and VBS Mutual Bank, asking that detailed reports be compiled on the companies before the commission began its work in January.

Lubbe has in the meantime denied this.

He has said he had over time also included white-owned companies such as Steinhoff, Ascendis Health and Grit among others on his list.

Despite this, the PSA said the Mpati Commission had to deal decisively with such matters.

“It should be known that we are here to protect the hard earned pension money of workers and will do anything to ensure that whatever transpires at the commission is done above the law,” Fredericks said.

The PSA was ready to take the stand and make its submissions before the commission where necessary.

Asked which companies the PSA would like to see called before the end of the month, Fredericks said the union was still working on the list. It would be made known today. Cosatu has also insisted that workers’ pension funds that have been invested with the PIC be protected.

It has called for a 50% representation of workers on the PIC board.

Suspended PIC chief executive Matshepo More has already made her submissions.

It remains to be seen who will be called to testify before the commission this week.