Trade Union COSATU warned that political interference and governance failures at the Public Investment Corporation (PIC) are placing the retirement savings of millions of South Africans at risk.This follows the resignation of PIC chairperson David Masondo, the suspension of CEO Patrick Dlamini, and the exit of several non-executive board members.ALSO READ:
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COSATU said that the instability at the PIC raises concerns about political interference and corruption.COSATU parliamentary coordinator, Matthew Parks, said that investigations into the outgoing board, including the controversial Acapulco investment, must continue, while calling for the Special Investigating Unit, Hawks and Auditor-General to conduct a broader forensic investigation into all PIC investments.”We have been extremely disappointed by whistleblower reports alleging continued interference by politicians and PIC public investments. Cosatu welcomes the referral by the outgoing board on the Alcopolco investment into Lanseria Airport to the SIU for further investigation. It is critical that this and other investigations into governance and corruption are not blocked or swept under the carpet by the board’s resignation.”
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Source: https://www.ewn.co.za/cosatu-demands-shielding-of-pic-pensions-amid-board-resignations-and-probes/
