Parliament instructs PIC and GEPF to provide information to Solidarity

18 October 2017

At the end of its session yesterday, Parliament’s Standing Committee on Finance compelled the Public Investment Corporation (PIC) and the Government Employees Pension Fund (GEPF) to provide information on possible state capture and unlisted investments to Solidarity. This follows after these parties have thus far refused to provide information to Solidarity which it had requested in terms of the Promotion of Access to Information Act (PAIA). The PIC and the GEPF must now comply with the instruction within 30 days.

According to Solidarity Deputy Chief Executive Johan Kruger, it is of the utmost importance that the information requested be studied to investigate allegations of state capture attempts and of investments in unlisted funds and in state-owned enterprises. “Our members, which include current public service employees and pensioners, are anxious about rumours of state capture. We need to get answers to try to reassure them and the public at large that their funds are safe and that they are managed in a responsible way. We cannot allow rumours about state capture and dubious investments in failing state-owned enterprises to be left unanswered,” Kruger said.

In its application, Solidarity inter alia requested the following information:

- Precautionary measures taken to prevent state capture;

- Failure of the PIC to take action against inadequate corporate management at institutions such as Eskom where funds have been invested;

- Possible contradictions in the mandates of the PIC and the GEPF;

- Risk analysis and disclosure of information in that regard; and

- Specific incidents of possible maladministration.

“Solidarity welcomes the chairperson’s decision to compel the PIC and the GEPF to share the information. Solidarity also looks forward to better cooperation, more transparency and a collaborative rather than a hostile relationship in future,” said Morné Malan, a researcher at the Solidarity Research Institute.

Solidarity believes that a great deal of positive interaction took place during Tuesday’s meeting at Parliament. 

Issued by Morné Malan, Researcher: Solidarity Research Institute, 18 October 2017