Dear Editor
The Democratic Alliance (DA) has written to the Chairperson of the Standing Committee on Finance, Dr Joseph Maswanganyi, to request an urgent hearing on the financial and ethical crisis at Daybreak Foods.
This follows shocking reports that two directors of Daybreak Foods received six-figure payments while workers went unpaid, chickens were left to starve, and the company edged toward entering business rescue. Amid this chaos, the Board has reportedly requested additional funding from its sole shareholder, the Public Investment Corporation (PIC).
The DA is calling for two urgent actions:
- The FSCA must investigate the PIC: As the financial regulator, the Financial Sector Conduct Authority (FSCA) has a duty to investigate how such severe mismanagement occurred under a regulated investment manager.
- The PIC, GEPF, UIF, and Compensation Fund must appear before the Committee
These entities are all shareholders in Daybreak Foods, and must explain what oversight they exercised, how this situation was allowed to unfold, and what steps are now being taken to safeguard government employees’ pension savings and public funds.
We are also calling for the FSCA to attend the committee hearing to clarify its regulatory role regarding the PIC and its oversight of unlisted investments like Daybreak Foods.
While the financial accountability aspect of this crisis is critical, the humanitarian and animal welfare emergencies unfolding at Daybreak Foods must be urgently addressed. The immediate protection of more than 3,400 workers and hundreds of thousands of animals affected by the alleged gross mismanagement must remain paramount.
The DA will not allow the retirement savings of government employees to be misused or mismanaged. We demand full transparency and accountability for this ongoing crisis—and for those responsible to be held to account
Regards
Andrew Bateman MP
DA Deputy Spokesperson on Appropriations