BUSINESS MAVERICK: : PIC Inquiry: Gigaba implicated in hand-picking PIC board members at the height of State Capture

At the height of the State Capture project during Jacob Zuma’s presidency, former Public Investment Corporation CEO Dan Matjila told theon 24 September 2017, that powerful individuals wanted to loot the more than R1.8-trillion of pension money that the PIC managed on behalf of government employees.Matjila distanced himself from thearticle – two days after it was published – at a press conference attended by himself, the then finance minister Malusi Gigaba and his deputy, Sfiso Buthelezi.

The two appointed individuals were Dr Xolani Mkhwanazi and Mathukana Mokoka, whom Matjila described as “politically connected” and fell short of having investment experience. Investment experience is critical for the PIC, which is the largest investor in the JSE and South Africa’s economy.I knew that it was the beginning of a tough period for me,” said Matjila, who himself is at the centre of corruption allegations at the PIC.

A change in the PIC’s memorandum of incorporation by Gigaba allowed him to appoint individuals to the PIC board, said Matjila. The minister of finance usually oversees the PIC, while the deputy minister is the fund manager’s board chairperson as per a long-established convention.

That’s a big fat lie

Other names are really not a surprise but confirmation!

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