SACP Politburo Statement
The SACP Politbureau (PB) held its ordinary scheduled meeting on Friday to amongst others assess the current political situation in our country, also in preparation for its Central Committee meeting to be held on the last weekend of this month. The PB also noted that it was holding its meeting closer to the end of the first year of the new government administration led by President Jacob Zuma.
The SACP wishes to express its overall satisfaction with direction that government is taking after a year of the inauguaration of President Zuma. The SACP welcomes progress on a number of important fronts, despite the fact that one year is a rather short time by which to fully assess progress for any new administration.
We welcome the fact that despite government taking office in the middle of the worst global capitalist crisis since the early 1930s, government maintained its funding commitments to support the implementation of its five priorities of decent work, education, health, fight against crime and corruption, and rural development.
The PB strongly applauds the action taken by the board of the Government Employees Pension Fund not to approve certain investment initiatives of the Public Investment Corporation (PIC). The SACP has before raised its serious concerns about some of the investment activities of the PIC which seems to be biased towards narrow BEE deals at the expense of broader developmental investments. The SACP calls for change in the leadership of the PIC in order to ensure that this workers' fund is re-oriented away from narrow deals that benefits a few individuals.
The latest revelation of the PIC financing the BEE transaction at the now AfriSam, and the R100m-odd of government employees' pensions that the Public Investment Corporation (PIC) overspent on CBS Asset Management are just but examples of why the mandate of the PIC must urgently be reviewed. Close to 1,3bn of public pension funds we hear has been lost in this yet another failed narrow BEE deal. This is scandalous!