The Public Investment Corporation's chief executive, Dr Daniel Matjila. File picture: Dean Hutton

CAPE TOWN - The National Black Business Caucus (BBC) has reportedly held a stakeholders' meeting with the executives of the Public Investment Corporation (PIC) on Friday.

According to the report the BBC would like to endorse the statement by the board of the PIC where they expressed its confidence in the ability and integrity of chief executive officer (CEO) Daniel Matjila, management and staff of the PIC.  

This statement was further endorsed by Deputy Finance Minister Sfiso Buthelezi where he supports the PIC CEO unequivocally and is adamant that allegations of a plan to remove him are baseless.

Dr. Matjila and his team must not be intimidated and must do what is good for the country.  The BBC is arranging to meet with the Minister of Finance and the board of PIC on this issue.

Black professionals who for years having been loyal to this government have been leaving their posts in recent months, he said. Many unceremoniously laid off in sweeping cuts to public and private companies hastened by unreasonable demands from boards and ministers.

"Black professionals keep coming to the BBC saying: “this is my last month," Danisa Baloyi said. "They say it's been a tough year."

Many of the Black professionals who make up the bulk of the top 500 executives in SOCs have been affected.  This trend further increases the risk of polarising the country between Black and White.

PIC is a strategic financial institutions for the country and the continued destabilisation of that institutions does not only undermine its credibility in the market, but may lead to an exodus of more than 400 Black professionals. "This is not a good sign. In the current economic situation, the market can't handle any more uncertainty." Said Sello Rasethaba

-BUSINESS REPORT ONLINE