Johannesburg - UDM leader Bantu Holomisa claims the ANC cannot be trusted with workers' money, following allegations that the Public Investment Corporation (PIC) was funneling money to the ruling party.
Holomisa has asked Public Protector Thuli Madonsela to investigate allegations that PIC money was being used to pay the salaries of ANC staff members.
"They [the ANC government] continue to bankrupt the country on daily basis. It is therefore logical for them to check for another source to advance their looting agenda," Holomisa said.
In a letter to the public protector, he refers to allegations that R40m was transferred from the PIC account in December last year to Deutsche Bank which was said to handle government and PIC transactions.
This R40m was allegedly meant to fund the salaries of ANC staff members and its 104th anniversary celebrations which were held in Rustenburg earlier this month.
There was second allegation that in January this year R2m was transferred from the PIC account to the Harith Company for the benefit of the ruling party.
Holomisa lodged his complaint with the public protector on Monday.
He said he had anonymously received the allegations regarding the possible corruption.
The PIC and the public protector's office were not immediately available for comment on Wednesday.
ANC spokesperson Zizi Kodwa brushed off the allegations claiming that Holomisa was just "grandstanding".
"He's got a reputation of grandstanding... It's not surprising. He has done so in the past," Kodwa said.
'It's not an ANC structure'
He said it was important to note that not everyone who was supported by the PIC was an ANC member.
"It's not an ANC structure."
However, Kodwa said the public protector had an obligation to investigate any issues lodged with her office.
ANC treasurer general Zweli Mkhize said the allegations were "false and baseless".
"The African National Congress has no knowledge of these transactions nor any record of such monies being paid to the organisation," he said in a statement.
Holomisa, in his letter, wrote about a third allegation that the PIC was about to give investment company Sakhumnotho and Kilimanjaro Capital R1.5bn so that it could buy a 25% stake in Total.
The UDM leader wanted the public protector to probe whether due diligence of the transaction was done and whether it was in accordance with the laws which govern the PIC.
"Given the specific allegations above, it is clear that there is a need for a thorough and comprehensive investigation of how the PIC is managing all the monies entrusted with them."
Holomisa suggested that a judicial commission of inquiry would be needed in order to ensure that PIC money was not "vulnerable to the whims of the political elite".
Among other roles, the PIC is responsible for investing the South African Government Employees Pension Fund.