The Democratic Alliance (DA) has raised serious concerns over the Public Investment Corporation’s (PIC) failure to act against company secretary Bongani Mathebula, despite disciplinary and commission recommendations.
Outgoing PIC CEO Abel Sithole admitted that the asset manager ignored its own disciplinary committee’s recommendation to dismiss Mathebula. Additionally, the PIC provided unclear responses on whether it followed the Mphati Commission’s directive to review Mathebula’s reinstatement. Earlier, the PIC may have misled Parliament by claiming all Mphati Commission recommendations had been implemented.
The DA is demanding access to board meeting minutes that confirm whether the PIC formally reviewed Mathebula’s reinstatement, as advised by the commission.
Further probing revealed that the PIC opted not to fire Mathebula despite a JGL Forensic Services report implicating him in misconduct. A Sunday Times investigation found that Mathebula violated PIC rules by recommending Lerato Nage to Daybreak Foods’ board.
Reports estimate that R150 million was funneled from the now-bankrupt Daybreak, under Nage’s leadership, to companies linked to Pule Malahlela—Mathebula’s former business partner. This was allegedly done through fraudulent invoicing schemes.
Dr. Mark Burke, DA Spokesperson on Finance, stated: “Public pensioner funds cannot be looted without consequence. The PIC must be held accountable for enabling this corruption, which destroys companies and jobs.”
The DA vows to continue pursuing accountability in this matter.
