An inquiry into the Public Investment Corporation (PIC) kicked off on Monday at the Old Council Chambers in Pretoria Central with its first witness' sharing an overview of the corporation and its procedures.
The PIC board has revealed that a preliminary investigation highlighted the blatant flouting of governance and approval processes which resulted in the suspension of two employees.
The Head of Resources and Portfolio Manager for Strategic and African Listed Investments Fidelis Madavo was suspended on Monday night with immediate effect.
In reaction to the suspension, United Democratic Movement (UDM) Leader Bantu Holomisa says it has noted the suspension.
However, we feel that the PIC board is being opportunistic because this technological scandal was reported two to three years ago and the board has been defending all these transactions.— Bantu Holomisa, UDM Leader
As a result of all these scandals being in the open, we reported this to Cyril Ramaphosa so he can appoint an inquiry. While this inquiry is busy, and they are now being opportunistic to say they have taken a decision.— Bantu Holomisa, UDM Leader
Holomisa believes that the PIC board should be dissolved and an interim board appointed. He adds that he feels that the PIC board is doing a disservice to the country as there would have been no inquiry if the PIC board was operating above board.
Listen below to the full interview:
This article first appeared on 702 : UDM welcomes PIC suspensions but say board being opportunistic