Jaw-dropping revelations at the Mpati commission hearings that the state-owned asset manager cannot account for R3bn invested ‘somewhere’ are more than disconcertingJudge Lex Mpati and his fellow commissioners might as well stop now and start writing their final report.
Most readers would have had that annoying experience of having misplaced documents of various degree of importance. This was in relation to R3bn that the PIC invested in 2014 to support the listing of Camac Energy, later renamed Erin Energy, a little-known oil company founded by Nigerian businessman Kase Lawal. What is known about Lawal is that he was an associate of former president Jacob Zuma, and even accompanied the latter when he received an honorary degree from a university in Texas, US.
The commission has heard about myriad questionable deals that took place at the PIC during the reign of the former CEO, Dan Matjila. The question that should be asked is: how was this allowed to go on for so long? But what is emerging from the commission suggests that despite channelling 87% of the government workers’ money it is entrusted with to the PIC, the GEPF wasn’t overly concerned with the governance of the latter.
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