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Challenges Ascertaining Progress on PIC Clean Up

Dear Editor

The Democratic Alliance has submitted a Promotion of Access to Information Act (PAIA) application to the National Treasury to determine which enforcement recommendations of the Mpati Commission into the Public Investment Corporation (PIC) are being implemented.

A 2020 Commission of Inquiry led by Justice Lex Mpati exposed significant governance, operational, and ethical failures within the PIC the asset manager for the Government Employees Pension Fund. The Commission made a series of recommendations to rectify deficiencies and restore public trust.

In September 2024, the Minister of Finance reported to Parliament that the PIC had completed the implementation of these recommendations, including those that needed further forensic investigations. Where required, matters had been referred to the relevant law enforcement agencies including the Directorate for Priority Crime Investigations (the Hawks) and the FSCA.

In January 2025, the Minister was asked to furnish a description of every matter which had been referred to a law enforcement agency, and which law enforcement body, and any matters for possible referral which had not been referred with reasons.

In a written reply to a Parliamentary question on 26 March 2025, the Minister declined to provide this information on the basis that investigations are ongoing and disclosure may disadvantage current and future legal action.

The DA rejects this lack of transparency. The recommendations of the Mpati Commission have been in the public domain for over five years. Parliament has been informed that the PIC has completed the implementation of these recommendations, including those that needed further forensic investigations and referrals. The public has a right to know that malign actors are being held to account by appropriate law enforcement bodies. The DA will not stand by idly when the retirement savings of government employees have been abused and those who are responsible for this abuse are not being held to account.

Regards

Andrew Bateman MP
DA Deputy Spokesperson on Appropriations

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