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New Casualties at PIC

Statement by Dr Mark Burke MP – DA Spokesperson on Finance:

Another day, another casualty list at the PIC with the resignation of two board members.

This follows Monday’s news of the suspension of the CEO and acting CIO, which itself makes for five executive suspensions in the last two years.

One constant remains: Dr David Masondo.

He has served as chairperson since 2021. His tenure has seen extreme turnover of executives and directors.

He has overseen a series of failed investments, and an inability to implement the Mpati Commission reforms.

Dr Masondo reportedly faces his own whistleblower report. All of this raises questions.

Why has Masondo not also been suspended? Why isn’t the SIU expanding its investigation into other investments besides Lanseria?

Why is a communist party politician appointed as the chairperson of a pension investor in the first place?

Yet South Africans are burdened with a legislature which refuses to ask these questions.

Despite the DA’s requests, Parliament’s finance committee has failed to hold a hearing on the PIC since the latest round of infighting started.

This chaos and lack of accountability should deeply concern pensioners, as well as trade unions such as Cosatu who represent them.

The DA will continue to fill the void.

We again call on Parliament to urgently summon the PIC, and its chairperson to account in person, in camera, and over multiple days.

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