NEWS & ANALYSIS

Independent probe into PIC welcomed - Solidarity

Union also brings court application to obtain information

Solidarity welcomes independent probe into PIC; Solidarity brings court application to obtain PIC information

26 July 2018

Trade union Solidarity today welcomed Minister Nene’s announcement that PIC be subjected to an independent probe, and at the same time it announced that the trade union has served court papers to obtain the information from PIC.

According to Johan Kruger, Solidarity deputy chief executive, the trade union and its public service members are most frustrated by the refusal of PIC and the Government Employees’ Pension Fund to disclose essential information about transactions affecting its members. “Despite several promises and a parliamentary instruction both PIC and the GEPF have failed to disclose the information to Solidarity. For this reason, Minister Nene’s intervention and the announcement of an independent probe into PIC are to be welcomed,” Kruger explained.

The Parliamentary Standing Committee on Finance instructed PIC and the GEPF back in October 2017 to provide Solidarity with information about possible state capture and unlisted investments. This step followed after the parties concerned had refused to provide the information Solidarity had requested in terms of the Promotion of Access to Information Act (Paia). PIC and the GEPF had to comply with this instructionwithin 30 days but simply ignored it.

“Solidarity is now approaching the High Court to obtain a court order in terms of which PIC and the GEPF are to disclose the information we are requesting to enable us to do our own investigation to ensure that the funds of our members, who are also GEPF members, are managed and invested in a responsible and transparent manner. Solidarity is offering its assistance to any investigating team to get the answers that are needed to restore confidence in PIC and the GEPF,” Kruger concluded.

To read the complete application, click here.

Issued by Francois Redelinghuys, Solidarity Spokesperson, 26 July 2018