BONANG MOHALE: Gigaba must clear the air around the PIC and restore trust
The government has sufficient tools to facilitate bailouts when required, so why does it need to access funds from the PIC?
Trust is the bedrock of any society. It enables co-operation, builds institutions and promotes trade. When trust weakens, the fabric of society shudders in response. We are experiencing a consequence of that breakdown in trust, and it is causing South Africa to shake. Evidence is mounting every day of a co-ordinated campaign to illegally access funds from the Public Investment Corporation for the purpose of supporting ailing state-owned enterprises. The government has no right to access these funds, which belong to civil servants and not to the government. The recent attempt by sections of the government to interfere with the integrity of the PIC by attempting to illegally remove the CEO is the latest chapter in the state capture project that has already done enormous damage to the country's financial reputation and business confidence.Business Leadership South Africa will not tolerate any flouting of procedure. The process of accessing funds for legitimate use needs to be transpare...
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