PIC commission kicks off with employee testimony

Gordon_R

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Jul 5, 2009
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#21
Nope, it has become nothing more than a criminal cartel designed to extract as much cash as possible. People don't quite understand the scale or blatancy of this yet, perhaps they never will.
The Brazilian 'car-wash' scandal is an example of how bad things can get, and how to (gradually) tackle the issue: https://en.wikipedia.org/wiki/Operation_Car_Wash

Structural corruption in the political and economic system, no longer tolerated or accepted, was now being investigated and resulted in some criminal charges. This change was made possible because of the independence of the judiciary. Judge Sergio Moro's Operation Car Wash investigation indicted seemingly untouchable politicians, including the former presidents Luiz Inácio Lula da Silva and Dilma Rousseff. It succeeded because of ‘rewarded collaboration’ and the strategy of first targeting business-people, then using their statements against politicians.
The PIC investigation is more about incompetence and favouritism IMO. The Bosasa inquiry has revealad prima-facie bribery and corruption, and seems more likely to lead to substantive outcomes.
 

garp

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Aug 2, 2004
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6,494
#22
The Brazilian 'car-wash' scandal is an example of how bad things can get, and how to (gradually) tackle the issue: https://en.wikipedia.org/wiki/Operation_Car_Wash
I stand corrected, but I think the problem we have here, is that even to the extent to which our judiciary may be independent (increasingly arguable IMHO), judges cannot themselves institute a prosecution. It has to be signed off by the NPA which has clearly been "captured". Batohi starts in February, as far as I know. If by the end of that month she hasn't started to make serious moves to prosecute all these criminals, then we will know whether she is part of the cartel or not. Sadly, I suspect that they would not have given anyone they feared such a critical position, so my expectations are low.
 

ToxicBunny

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#23
I think it will take batohi more than a month to start things properly.... If nothing has been done in 6 months then we have a problem
 

supersunbird

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#24
Mondli Gungubele and most of PIC board quit
Deputy finance minister Mondli Gungubele, who was accused this week by a whistle-blower of complicity in corruption at the Public Investment Corporation, has, along with the rest of the board, written to finance minister Tito Mboweni to ask to be relieved of their duties.

The letter, signed by nine directors excluding acting CEO Matshepo More, follows a board meeting on Friday. The letter said the board had reflected on the “various events of the recent past” that had “destabilised the institution” and which had led to serious allegations being leveled against four of them.
More at https://www.businesslive.co.za/bd/c...-mondli-gungubele-and-most-of-pic-board-quit/
 

nightjar

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Aug 2, 2008
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4,146
#25
RE - Deputy finance minister Mondli Gungubele, who was accused this week by a whistle-blower of complicity in corruption at the Public Investment Corporation, has, along with the rest of the board, written to finance minister Tito Mboweni to ask to be relieved of their duties.

In the tradition of ANC governance the suspects resign, walk off with the loot and never get prosecuted. In short order they will be given plum positions elsewhere with further opportunities for plunder.
 

Gordon_R

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#26
https://www.fin24.com/Companies/Fin...lic-servants-pensions-advocacy-group-20190202

The Association for Monitoring and Advocacy for Government Pensions has called for a more diversified management of public sector employees' funds, whose contributions are mainly administered by the Public Investment Corporation.

The non-profit group said there was no reason why the PIC should manage the bulk of government employees' pensions, citing cases where pensions have been invested in entities such as the VBS Mutual Bank, where the corporation lost millions after the bank's collapse.

"There should be a spread in investment," said AMAGP representative Albert van Driel, adding that other agencies should invest on behalf of the Government Employees' Pension Fund (GEPF).

Giving evidence before the Commission of Inquiry into the PIC, Van Driel also criticised the PIC for what it called unwillingness to disclose information, stating issues of confidentiality, which he said had caused trust challenges between the body and the asset manager.
 

Gordon_R

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#27
https://www.fin24.com/Companies/Inv...o-pic-commission-just-give-me-notice-20190211

African Empowerment Equity Investments founder Dr. Iqbal Survé has released a statement saying he is willing to present himself before the commission of inquiry into the Public Investment Corporation if requested to do so.
"My only request to the Commission, should they invite me to present evidence, is that they ensure that I am given timeous notice, due to my international diary, sufficient time to prepare, and adequate time to set the record straight at the Commission.
Right...
 
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