The Public Funding Company (PIC) board has formally assumed oversight of a whistleblower grievance towards chief govt Patrick Dlamini following a particular assembly with Finance Minister Enoch Godongwana, amid an escalating dispute that has already triggered a forensic investigation, a R1 billion authorized menace and rising scrutiny of governance at Africa’s largest asset supervisor.
In an announcement issued on Thursday, the PIC confirmed that Godongwana, performing as authorities’s shareholder consultant, met the board to debate challenges dealing with the establishment and their impression on public confidence.
The board stated it had acquired Dlamini’s response to allegations contained in a whistleblower report submitted final week and resolved that the matter could be handled underneath board oversight.
“The assembly right now resolved that the response by Mr Patrick Dlamini, the PIC CEO, to allegations in a whistleblower report, submitted to the Board final week, can be handled based on the PIC insurance policies and relevant laws underneath the oversight of the Board.”
The choice marks the primary substantive step taken by the board because it confirmed final week that it had acquired the whistleblowercomplaint and was assessing its contents.
The allegations emerged towards the backdrop of rising controversy surrounding a forensic evaluation commissioned into the PIC’s dealing with of the Lanseria Worldwide Airport funding and an arbitration award in favour of Acapulco Commerce & Make investments 164.
Final week, the PIC confirmed that Dlamini had introduced an impartial forensic investigation into the transaction and arbitration course of to find out whether or not affordable steps had been taken to guard the pursuits of the PIC and the Authorities Workers Pension Fund (GEPF).
Stress on the company intensified this week when businessman Kagiso Matjila and Acapulco threatened authorized motion towards the PIC, the GEPF and Dlamini.
In a remaining demand earlier than motion, they referred to as on the PIC to halt the forensic investigation, retract allegations and pay R1 billion in damages, failing which they warned that authorized proceedings would comply with.
The assertion confirms that the board has moved past merely receiving the grievance and has now assumed formal oversight of the method.
Considerably, neither the minister nor the board sought to dismiss the allegations outright.
As an alternative, the PIC stated allegations raised by whistleblowing mechanisms ought to “neither be ignored nor prejudged” and have to be assessed pretty, independently and in accordance with laws, governance requirements and the ideas of pure justice.
The company additionally used the assertion to reject allegations of divisions between the minister, the board and administration, describing claims circulating on social media as “mischievous” and a part of an “orchestrated disinformation marketing campaign”.
The PIC stated such allegations posed a reputational threat to an establishment chargeable for managing greater than R3.6 trillion in public pension and social safety belongings.
On the identical time, the board acknowledged that historic investments and legacy issues proceed to have an effect on the establishment.
The minister and board agreed that stakeholders ought to work collectively to deal with considerations arising from these investments, whereas the PIC introduced plans to develop a programme aimed toward addressing public and consumer considerations concerning its unlisted funding portfolio.
Godongwana expressed confidence in each the present board and administration workforce.
For the primary time for the reason that grievance surfaced, nevertheless, the PIC board has publicly dedicated itself to overseeing the matter. The dealing with of the grievance is now more likely to come underneath as a lot scrutiny because the allegations themselves.
