POLITICS

PIC must disclose R44.58 billion secret investments – David Maynier

DA says corporation manages public funds on behalf of clients and should not be allowed to withhold information from Parliament

Secret investments valued at R44.58 billion must be disclosed by the PIC 

6 October 2016 

Today, I wrote to the Chief Executive Officer of the Public Investment Corporation, Dr Dan Matjila, requesting him to provide detailed information about secret investments, under the management of the Public Investment Corporation, valued at R44.58 billion, to the Standing Committee on Finance before 18 October 2016.

I first put the Public Investment Corporation under pressure to disclose detailed information about secret investments, currently valued at R44.58 billion, in its “unlisted portfolio” at a heated meeting of the Standing Committee on Finance on 10 May 2016 in Parliament.

I subsequently wrote to Dr Dan Matjila, requesting detailed information about the secret investments and received a reply on 24 June 2016 giving the assurance that, subject to legal advice, a response was being compiled, and which stated: 

At the outset please allow me the opportunity to assure you that it is neither the PIC’s intention to deliberately delay the process of availing the requested information nor is it our intention to hide information from Parliamentary scrutiny.”

We have now waited long enough: the Public Investment Corporation needs to get on with it and provide detailed information on secret investments in its R44.58 billion “unlisted portfolio” before they appear before the Standing Committee on Finance on 18 October 2016 in Parliament.

The fact is the Public Investment Corporation manages public funds on behalf of clients, including most importantly the Government Employees Pension Fund, and should not be allowed to withhold information about any investments from Parliament.

Issued by David Maynier, DA Shadow Minister of Finance, 6 October 2016