Minister of Finance Malusi Gigaba
JOHANNESBURG - Finance Minister Malusi Gigaba on Friday expressed concern over the “politicising” of the all critical Public Investment Corporation (PIC), which manages nearly R2 trillion on behalf of the Government Employees Pension Fund.

His remarks come a day after Deputy President Cyril Ramaphosa called on labour in Joburg on Thursday to safeguard Africa’s largest fund manager, admitting: “The PIC is being looked at with some dangerous eyes.”

When allegations first surfaced that moves were afoot to remove PIC chief executive Dr Dan Matjila and replace him with a pliable official who would allow for the looting of the corporation, Gigaba convened a joint media briefing with PIC and National Treasury officials and denied the allegations.


At the recent briefing Gigaba issued a stern warning to officials “stay out of politics”.

Ramaphosa’s Friday remarks at the national general council of teachers’ union Sadtu were largely viewed as a broadside at the controversial Gupta family, President Jacob Zuma’s personal friends, who are accused of being behind moves to capture the PIC.

Matjila has survived numerous attempts to remove with, with an internal audit report clearing him of any wrongdoing over a R21 million he allegedly extended to his purported girlfriend.

“The Minister of Finance Malusi Gigaba is concerned about the politicising of the Public Investment Corporation. While clarity has been given on the matter, the Minister thought it would be important to support his statement with bold action.

"The Minister has written a letter to the CEO and Board of the PIC, requesting them to provide a list of all its beneficiaries and the investments it has made, which he intends to make public,” the National Treasury said in a statement on Friday.

- BUSINESS REPORT