PIC commission kicks off with employee testimony

Gordon_R

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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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#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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#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...
 

schumi

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#29
Gungubele: Former PIC boss settled for ‘R486 000 plus’

The Public Investment Corporation has settled all outstanding financial issues related to former its chief executive Dan Matjila’s exit and he has been paid out “R486 000 plus”.

This according to Mondli Gungubele, who is the PIC’s chairperson and deputy finance minister.

This emerged at the commission of inquiry into allegations of impropriety regarding the PIC that has resumed hearing testimony in Pretoria today. The commission heard testimony for six days in January and resumed hearings today.
More at: https://city-press.news24.com/Business/gungubele-former-pic-boss-settled-for-r486-000-plus-20190225
 

schumi

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#30
Politicians on the board of the PIC do not expose it to undue influence — Gungubele

Deputy finance minister Mondli Gungubele says he is available to return as a member of the Public Investment Corporation (PIC) board and he does not believe that having a politician on the board exposes the institution to political interference.

Gungubele was the first witness to appear before the PIC commission on Monday following the commission’s two week hiatus. The commission is led by Justice Lex Mpati, with assistance from former Reserve Bank governor Gill Marcus and investment expert Emmanuel Lediga.

Gungubele was of the opinion that if the systems of the PIC are strong and independent of the state, there can be a psychological benefit for officials at the PIC if they have a credible politician chairing the board.
“They can take decisions knowing that a politician will deal with other politicians who are trying to dictate to the institution,” he said.
More at: https://mg.co.za/article/2019-02-25...do-not-expose-it-to-undue-influence-gungubele
 

schumi

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#31
PIC board faced division, tension over Matjila corruption allegations - Gungubele

Deputy Finance Minister and chair of the board of state-run asset manager the PIC Mondli Gungubele testified on Monday how the allegations of corruption against former CEO Dan Matjila led to a strain among board members.

The PIC is a government-owned investment vehicle that manages some R2trn of state employee pension funds.Gungubele was testifying for the first time on Monday before the inquiry, headed by former president of the Supreme Court of Appeal, Justice Lex Mpati.
Matjila faced a forensic probe regarding the awarding of a loan to a woman who was said be his girlfriend, Pretty Louw.

Matjila was later found not guilty of any misconduct, although there were issues that required “deeper interrogation” according to Gungubele. He resigned in November 2018.

Gungubele told the inquiry on Monday that the board "found itself divided on issues relating to the former CEO Dr Matjila”.

Pro and anti-Dan camps

He said divisions also played out when reviewing some of the decisions he took, creating an impression that there were “pro and anti-Dan camps in the board”.
More at: https://www.fin24.com/Companies/Fin...ila-corruption-allegations-gungubele-20190225
 

schumi

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#32
Quit or be fired: Tito Mboweni's ultimatum to PIC board

Finance minister Tito Mboweni threatened to dismiss the entire board of the Public Investment Corporation (PIC) if the directors did not resign en masse, one of the asset manager's directors testified on Tuesday.

Dudu Hlatshwayo told the inquiry into the PIC what took place before the mass resignation of the board on February 1.

The inquiry into the PIC's governance is being led by retired judge Lex Mpati. It has been embroiled in numerous controversies that include allegations of corruption.

Hlatshwayo recalled deputy finance minister Mondli Gungubele, the chair of the board, taking a phone call during a meeting on February 1, and then returning to inform them of Mboweni's ultimatum.
More at: https://www.timeslive.co.za/politic...e-fired-tito-mbowenis-ultimatum-to-pic-board/
 

schumi

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#33
PIC inquiry hears of divisions between Mondli Gungubele, board members

OHANNESBURG - Public Investment Corporation (PIC) board member Dudu Hlatshwayo says there was a divide between some board members and chairperson Mondli Gungubele at a time when there was a great sense of fear and suspicion at the company.
Hlatshwayo revealed to the PIC commission of inquiry on Tuesday that Gungubele told the board that the Finance Minister wanted everyone to step down or they would be fired.
Hlatshwayo says the message was conveyed to the board on 1 February after which all members, including Gungubele, then handed in their resignation letters.
More at: https://ewn.co.za/2019/02/27/pic-inquiry-hears-of-divisions-between-mondli-gungubele-board-members
 

schumi

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#34
'Highly irregular that Gungubele asked PIC board to step down,' inquiry hears

JOHANNESBURG - Public Investment Corporation (PIC) board member Sandra Beswick said on Wednesday it was highly irregular to have been asked to resign along with the rest of the board, but she says she was under the impression that a new board would be appointed.
Beswick has corroborated evidence given by board member Dudu Hlatshwayo who revealed on Tuesday that chairman Mondi Gungubele told the board the Finance Minister wanted everyone to resign otherwise they would be fired.
More at: https://ewn.co.za/2019/02/27/highly...le-asked-pic-board-to-step-down-inquiry-hears
 

schumi

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#35
'Stalingrad' approach exasperated ex-PIC board member

Former Public Investment Corporation (PIC) board member Vuyo Jack says he found himself exasperated by the "Stalingrad" approach adopted by some of the corporation's executives during his three-year stint at the government-run asset manager.

During his testimony before the PIC inquiry on Monday, Jack said that at some point he lost interest in the company "due to the effective Stalingrad strategy used by PIC executives" and the inability of the chairperson and shareholder representatives to bring them to account.

The PIC manages assets worth more than R2trn. Its largest client is the Government Employees' Pension Fund.

"I was never able to bring Dr Dan Matjila to account and give his insights into the investment decisions under his watch," said Jack, the founder and executive chair of BEE verification agency Empowerdex.

More at:
https://www.fin24.com/Companies/Fin...oach-exasperated-ex-pic-board-member-20190304
 

schumi

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#36
Focus on quantity rather than quality in PIC investments - former director

According to the interim findings of an internal Public Investment Corporation governance review report, concluded in 2014, the state-run asset manager appeared more focused on getting as many deals signed as possible, rather than focusing on quality.

This is according to evidence by Vuyo Jack, who was appointed to the PIC board in 2012.

His evidence on Monday before the judicial commission of inquiry into allegations of impropriety at the PIC provided a glimpse into the business operations of the asset manager in past years.

The PIC manages assets worth more than 2trn, with its biggest client being the Government Employees' Pension Fund.

The findings of the interim report, which was based on interactions with employees, included concerns regarding weak and unaccountable leadership, said Jack.
More at: https://www.fin24.com/Companies/Fin...y-in-pic-investments-former-director-20190304
 

schumi

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#37
PIC Commission calls out 'desperate' Twitter accounts on fake news

The judicial commission of inquiry into allegations of impropriety at the Public Investment Corporation (PIC) will continue with public hearings this week and has sent out a stern reproach against Twitter accounts spreading fake news about the proceedings.

The commission said it is aware of the “clearly orchestrated recent flurry of messages” on Twitter circulating inaccurate information about the testimonies made by witnesses and the proceedings of the commission.

“The spreading of such disinformation appears to reflect a measure of desperation by some parties who may be affected by the information coming into the public domain of the hearings,” said the commission in a statement released last week.

The commission is headed by retired judge Lex Mpati.
More at: https://mg.co.za/article/2019-03-04-pic-commission-calls-out-desperate-twitter-accounts-on-fake-news
 

schumi

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#38
Former PIC manager is still providing documents on deals to police

A former IT security manager at the Public Investment Corporation (PIC) is still providing police with documents on deals involving the asset manager, an inquiry into the corporation heard on Tuesday.


Simphiwe Mayisela was employed at the PIC for just over two months before being suspended on November 20 2017.


He approached the police after initially being tasked with establishing the identity of a whistleblower using the name James Nogu. Nogu had sent e-mails to PIC staff making allegations against then-CEO Dan Matjila.

While attempting to investigate the identity of Nogu, Mayisela needed a section 205 subpoena that could be sent to internet service providers to formally require them to disclose the identity of the person behind the account.
More at: https://www.businesslive.co.za/bd/n...still-providing-documents-on-deals-to-police/
 

schumi

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#39
Inquiry told that PIC escalation process unreliable

JOHANNESBURG - Former Public Investment Corporation (PIC) board member Vuyo Jack says he could not rely on the escalation processes at the corporation due to a lack of accountability for executives.
Jack was testifying at the inquiry into impropriety at the PIC.
He's detailed governance review processes and organisational climate surveys which he says were not favoured by executive committee members.
Vuyo Jack has told the commission how the centralisation of power and an evidently unaccountable executive leadership ruled at the PIC.
More at: https://ewn.co.za/2019/03/05/inquiry-told-that-pic-escalation-process-unreliable
 

schumi

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#40
Ill-treatment at PIC brings Mayisela to tears

JOHANNESBURG - The former head of IT security at the Public Investment Corporation (PIC) burst into tears while telling the inquiry about his ill-treatment at the corporation.
Simphiwe Mayisela testified at the inquiry on Tuesday which was set up to investigate dodgy investments and allegations of impropriety.
During his final months at the PIC, Mayisela says he was tasked with uncovering the identity of an anonymous whistleblower who had made serious allegations against the CEO at the time Dan Matjila.
Mayisela said while trying to find out the real identity of the whistleblower, known only as James Nogu, he began working with the police in trying to verify some of the allegations against Matjila.
More at: https://ewn.co.za/2019/03/05/ill-treatment-at-pic-brings-simphiwe-mayisela-to-tears
 
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