National Assembly approves PIC Amendment Bill

Drawn up by Parliament’s Standing Committee on Finance, the Bill will now go to the National Council of Provinces for its approval.But the Democratic Alliance and some other opposition parties did not, with the DA claiming it was a bid to realise, through the back door, the ANC’s elections manifesto promise to introduce prescribed assets.Public Investment Corporation Amendment Bill

is a response to the allegations of dubious investments that have rocked the PIC and that are now the focus of a judicial inquiry headed by retired Judge Lex Mpati. It provides for union and pension fund representation on the PIC board, which will still be chaired by the deputy minister of finance or another deputy minister from the economics cluster.But the DA and other opposition parties don’t want a politician chairing the board, while the requirement that the PIC invests in line with the government’s development agenda was flagged during debate on the Bill by the DA’s Alf Lees.

“The Democratic Alliance will not support the Bill with the inclusion, by stealth, of prescribed assets and the entrenchment of political control of the PIC board.”

Source: News Formal (newsformal.com)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PIC Amendment Bill passed in National AssemblyThe Public Investment Corporation (PIC) Amendment Bill was passed in the National Assembly by majority vote on Tuesday.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

National Assembly adopts bill to improve transparency and governance at PICThe National Assembly approved the Public Investment Corporation Amendment Bill, which seeks to strengthen governance and improve transparency at the investment manager. africaupdates Fin24 elections2019
Source: News24 - 🏆 4. / 80 Read more »

PIC: Black Coffee and his 'bro bro' Diplo are cooking up something in the studio
Source: Channel24 - 🏆 48. / 51 Read more »

Magda Wierzycka paints a gloomy picture for PIC billions in Iqbal Survé's handsLooted funds from its coffers helped “grease the wheels” of groups like the Broederbond long before 1994, and the Public Investment Corporation’s billions are still a “honey pot” for the connected few. Who cares about her 'deep dive:
Source: TimesLIVE - 🏆 28. / 59 Read more »

Magda Wierzycka paints a gloomy picture for PIC billions in Iqbal Survé's handsLooted funds from its coffers helped “grease the wheels” of groups like the Broederbond long before 1994, and the Public Investment Corporation’s billions are still a “honey pot” for the connected few.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Dan Matjila named as key player in dodgy R1.8bn PIC loan dealFormer PIC boss Dan Matjila has been named as a central player in a questionable R1.8bn loan by the asset manager to a consortium seeking to buy a stake in oil giant Total SA. He must be arrested.
Source: TimesLIVE - 🏆 28. / 59 Read more »

YouTube
Source: SABC News Online - 🏆 32. / 51 Read more »

YouTube
Source: SABC News Online - 🏆 32. / 51 Read more »

More unnamed witnesses to testify at PIC inquiry | Business | M&G
Source: mailandguardian - 🏆 2. / 92 Read more »

Mondli Gungubele questions PIC board’s handling of Dan Matjila allegationsThe deputy finance minister questioned the motives of some PIC board members in the way they dealt with allegations against their previous CEO
Source: BDliveSA - 🏆 12. / 63 Read more »