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DENOSA welcomes President's announcement of inquiry into PIC

Media statement
Thursday, 18 October 2018
 
 
The Democratic Nursing Organisation of South Africa (DENOSA) warmly welcomes yesterday\' announcement by President Cyril Ramaphosa to institute a commission of inquiry into allegations of impropriety at Public Investment Corporation (PIC).
 
The recent developments at PIC have left many public servants, like nurses, highly uncomfortable about countless reckless investment decisions which have gone to the drain at the time when retirement savings of public servants are their only hope.
 
As an organisation representing nurses, many of whom are public servants, we are growingly nervous about the ability of PIC to stick to its investment mandate, which is to invest with great prudence.
 
On far too many occasions, billions of Rands have been lost to poor investments at the time when many public servants\' living standard is poor. For instance, it has been said many times to PIC that it is about time they also invested in properties that should benefit public servants directly. Investing in the provision of housing for public servants is one such investment, especially when there is job certainty for government workers.
 
Majority public servants do not own houses whereas PIC has billions that it continues to lose due to poor investment decisions.
 
As the largest asset manager in the continent, PIC should understand the significance of its existence to the livelihood of public servants and their families, and as such its governance and investment decisions should be above board at all times. 
 
We hope the commission will unearth all shenanigans that have come to characterise PIC, and that every recommendation will be fully considered and implemented by the President as soon as humanly possible.
 
End
 
Issued by the Democratic Nursing Organisation of South Africa (DENOSA)
For more information, contact:
 
Cassim Lekhoathi, DENOSA Acting General Secretary
Mobile: 082 328 9671
 
Or 
 
Simon Hlungwani, DENOSA President
Mobile: 082 328 9635
 
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Twitter: @DENOSAORG