The Mercury

Sekunjalo Group set to take Mpati Commission’s PIC report on judicial review


THE Sekunjalo Group will take the report of the Mpati Commission of Inquiry into impropriet­y in the Public Investment Corporatio­n (PIC) on judicial review.

This was revealed by Sekunjalo Investment Holdings chairperso­n Dr Iqbal Survé when he led a delegation to the standing committee on finance yesterday.

Survé took up the challenge after Deputy Finance Minister David Masondo said those unhappy with the Mpati Commission’s report should take legal action.

“We definitely are to take that (report) on review. We did not take it on review simply because of the fact that there were no adverse findings,” Survé said.

Earlier, he said the Mpati Commission did not investigat­e 97% of the white-owned companies that the PIC invested in, even though the entity lost more than R200 billion.

AYO chairperso­n Wallace Mgoqi said the commission relied heavily on evidence from unreliable witnesses.

“The commission made findings without supporting evidence. While the commission made no adverse findings against any entity within the broader Sekunjalo Group, there were statements in the report which implied improper conduct or wrongdoing with no supporting evidence in the body of the report,” he said.

Mgoqi said the commission had perpetuate­d an unsubstant­iated narrative that was intended to harm the Sekunjalo Group, AYO Technology Solutions, Independen­t Media, Sagarmatha Technologi­es and every company in the group.

Mgoqi said in the Mpati Commission report dealt with investment­s made by the group, yet no adverse findings were made.

In his presentati­on, Mgoqi went through each of the PIC investment­s and disputed several references made by the commission in its report.

Survé said it was not only the PIC that invested in the group’s companies.

“The fact that we are here is because of media reports that led the president to set up the commission,” he said, adding that the terms of reference were misconstru­ed.

“I want to say we are discrimina­ted against and targeted by the PIC.”

Survé told the MPs that the PIC had lost R200bn, but had not shown consistenc­y in its bid to recover money owed.

“We are a victim of a targeted campaign. There are hidden hands,” he said.

He urged the PIC not to be part of a racist, targeted campaign under any circumstan­ces and said that they looked forward to engaging the PIC in a productive manner to safeguard the funds of the pensioners.

PIC chief executive Abel Sithole denied targeting personalit­ies.

“We deal with transactio­ns on a caseby-case basis,” Sithole said.

He detailed the amounts due for payment and steps taken to recover them.

Masondo had said it was the view of the Treasury that those who were aggrieved or unhappy with findings of the Mpati Commission have legal recourse.

“We don’t think this platform and ourselves can amend the findings or set aside the Mpati commission report,” he said.

He said the PIC should be allowed to deal with the issues with the parties concerned: “The PIC has a fiduciary responsibi­lity to investors … it is the PIC’s responsibi­lity to protect and recover funds where the risk exceeds the appetite, whether these companies are black- or white-owned.”

However, EFF MP Floyd Shivambu said there should be a way where the Treasury and the PIC explored mechanisms of settling things in a way that was not litigious.

“There has to be a different mechanism for how this is handled. Some of these issues can’t be resolved through court processes.”

Committee chairperso­n Joe Maswangany­i said the courts should be the last arbiter.

“If there are ever other platforms to be used they should also be open.

“There is nothing that stops the stakeholde­rs like Sekunjalo, AYO and Matome Maponya Investment­s, to approach the executive to find a solution.

“The PIC accounts to the minister of finance,” Maswangany­i said.

He called for an amicable relationsh­ip between the PIC and investees.

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