PIC has done an about turn and handed over a significant body of documents to SCOPA

6 December 2018

To his credit, the Chairperson of the Public Investment Corporation, Deputy Minister of Finance, Mondli Gungubele, has done an about turn and handed over a significant set of documents to the Standing Committee on Public Accounts.

The documents requested by the Standing Committee on Public Accounts handed over include:

- listed transaction cost schedule;

- unlisted transaction cost schedule;

- listed investments holdings schedule;

- unlisted investments holding schedule; and

- unlisted properties investment holdings schedule.

The unlisted investments holdings schedule includes, most importantly, the names of “Politically Exposed Persons”.

The documents requested by myself via the Standing Committee on Public Accounts handed over include:

- extracts of minutes of various “approval committees” relating to a number of questionable investments; and

- details of “advisory fees” paid to transaction advisors relating to investments in MTN Nigeria, Angolan Government Bonds and Kenya Electricity Generation Company.

However, the extracts of minutes of meetings have been marked “confidential” and have been handed over for “members only”.

This follows “Mexican Standoff”:

- between the Standing Committee on Public Accounts and the Public Investment Corporation who, for months, refused to hand over the documents to Parliament; and

- between myself and the Public Investment Corporation who wanted me to sign a non-disclosure agreement in return for information relating to fees paid to transaction advisors.

The fact that the documents have now been handed over is a major breakthrough and credit must go to Themba Godi, Chairperson of the Standing Committee on Public Accounts, and members of the committee, who would not let the Public Investment Corporation off the hook in Parliament.

The Public Investment Corporation appears before the Standing Committee on Public Accounts this evening at 18h00, in Committee Room V454, Fourth Floor, Old Assembly Building in Parliament.

Issued by David Maynier, DA Shadow Minister of Finance, 6 December 2018