CAPE TOWN, Western Cape — The Democratic Alliance (DA) has formally requested President Cyril Ramaphosa to mandate a Special Investigation Unit (SIU) investigation into the Public Investment Corporation (PIC) unlisted investments. The proposed probe aims to safeguard public pensions, recover allegedly lost funds, and enforce strict accountability within the country’s largest asset manager.
The PIC currently manages approximately 3.7 trillion in assets. The call for heightened scrutiny follows recent indications from Finance Minister Enoch Godongwana, who stated that his department is actively reviewing the future of the PIC’s unlisted portfolios amid mounting concerns over fund security and governance.
Addressing the media in parliament, Andrew Bateman, the DA’s Deputy Spokesperson on Appropriation, emphasized that the party can no longer remain passive while public pensioners face alleged abuse. He noted that the DA’s initial step toward accountability was the introduction of a private member’s bill, the Pension Protection Bill, which is designed to ensure that PIC directors are appointed strictly on merit. The party is now escalating its efforts by demanding a formal investigation into these unlisted investments.
Bateman stressed the urgency of the matter, stating, “An SIU investigation gives the president the opportunity to ensure that South Africans know the truth, to attempt to recover what’s been lost to pensioners and workers’ funds, and to help ensure that there is proper accountability.”
He further warned that the DA will not rest while the pension savings of government employees are at risk, particularly in a climate where approximately 1,900 workers have lost their jobs and public funds set aside to protect them have allegedly been abused.
Economic experts have also weighed in on the complexities and vulnerabilities of these financial maneuvers. Economist Dawie Roodt noted that while it is not inherently wrong in principle for the PIC to invest in unlisted assets, significant risks remain.
“There’s always the possibility that there could be some political shenanigans going on somewhere, or somebody with a vested interest in this specific investment that shouldn’t have an interest in this investment,” Roodt explained.
Roodt further highlighted that price discovery presents a major risk when investing in unlisted assets, as their true market value often remains unknown, leaving public funds vulnerable to mismanagement or opaque valuation practices. The DA maintains that a presidential mandate for an SIU probe is the most viable path to transparency and restitution for affected workers and pensioners.