New Finance Minister Tito Mboweni was asked by Parliament’s oversight committee on finance on Tuesday for an update on how National Treasury hoped to handle the state of affairs at the Public Investment Corporation.
The PIC is a government-owned and run investment vehicle that manages some R2trn of state employee pension funds. The bulk of the money it invests is on behalf of the Government Employees Pension Fund, or GEPF.
National Treasury has previously indicated that PIC CEO Dan Matjila would be investigated over claims that he used the corporation’s funds to support the business of a close associate. However, there has been no sign of movement since.
Members of the committee asked a National Treasury delegation on Tuesday when the probe into the PIC would begin and when the terms of reference of such an investigation would be made public.
Mboweni said he had already been provided with information in the form of a preliminary report which provided some insight into the most appropriate way to handle the matter.
“Regarding PIC, [I] have not had an opportunity to speak to the president about this, but a preliminary report that was given to me yesterday [Monday] and that report does give an indication of what is to be done.” said Mboweni.