'We can't trust Gigaba on PIC' - Catholic bishops

The Southern African Catholic Bishops' Conference (SACBC) has questioned the assurances given by Finance Minister Malusi Gigaba that he will shield the Public Investment Corporation (PIC) from political interference.

"It is difficult to trust what the Finance Minister says about the Public Investment Corporation since the office of the minister suffers a 'credibility deficit‚'" the religious body said in a statement on Tuesday.

"The Southern African Catholic Bishops' Conference (SACBC) Justice and Peace Commission wishes to add its voice to the outrage over alleged plans to plunder the Public Investment Corporation (PIC) and the pensions of millions of hard-working government employees and pensioners."

Gigaba has moved to dispel speculation that the PIC's funds are under threat.

Last week he gave the PIC board and its CEO‚ Dan Matjila‚ two weeks to supply a list of all the PIC's beneficiaries and investments.

Treasury said the list would be made public‚ and that Gigaba had called for a forensic investigation of any concerns about irregularities at the asset manager.

The Bishops' Conference said it was nevertheless concerned.

"If the allegations of plans to capture the Asset Manager are true‚ then the country’s moral barometer has hit a new low‚" it said.

"The office of the Finance Minister currently suffers from a credibility deficit which could cost the efficient performance of the Treasury‚ the economy and the livelihoods of the poor.

"In the light of the mounting revelations about State capture‚ it is difficult to trust what the Finance Minister tells us. The recent intervention of the Finance Minister to address public concerns around PIC has therefore not allayed our fears. More needs to be done. Further strengthening of governance should be considered to prevent a raid on the pension savings of workers.

"We therefore join calls for greater involvement of Parliament in the appointment of the PIC board and its chairperson. The concentration of the appointment powers in the Minister of Finance‚ without some form of parliamentary oversight‚ makes the PIC highly vulnerable to political interference‚ looting with impunity‚ and the negative influences of ANC factionalism."

The conference also supported calls for labour representation on the PIC board. The PIC looks after public sector workers' pension funds.