Calls for Transparency at the PIC Must Not Mask Political Vendettas

Rosebank, Johannesburg, 30 October 2025 — The recent statement by Deputy Defence Minister and United Democratic Movement (UDM) President, Bantu Holomisa, MP, titled “R3.5 trillion at risk: the Public Investment Corporation’s governance collapse demands action,” raises serious and legitimate concerns regarding governance and oversight failures at the Public Investment Corporation (PIC).

Given the institution’s fiduciary responsibility for managing more than R3.5 trillion in pension and social funds on behalf of public servants, any indication of poor governance, weak internal controls, or political interference warrants urgent and transparent investigation.

However, while the need for accountability at the PIC cannot be overstated, Holomisa’s statement regrettably falls short of consistency and fairness. It notably omits a critical issue that speaks directly to transparency and governance — the recent whistleblower report that precipitated the suspension of the PIC’s Chief Investment Officer, Kabelo Rikhotso, over allegations of misconduct. It is curious that Holomisa has neither called for the publication of this whistleblower report nor urged President Cyril Ramaphosa to compel the PIC to release it, especially given his stated commitment to combating corruption and protecting public funds.

Such omission risks undermining the credibility of his call for reform. True commitment to transparency must include defending whistleblowers whose disclosures illuminate wrongdoing — not selectively advancing narratives that could be perceived as politically motivated or personally vindictive.

It is particularly troubling that Holomisa chose to single out specific individuals by name, some of whom have previously litigated successfully against him. This choice raises concerns that his intervention may be informed as much by personal animus as by genuine concern for governance.

Public discourse about institutions as vital as the PIC must remain measured, fair, and evidence-based, lest political actors be seen to weaponise their platforms to settle old scores under the guise of accountability.

There is no gainsaying that the PIC must act solely in the interest of pensioners, ensuring that their funds are prudently managed and insulated from political interference or reckless investment decisions. But it must also be recognised that responsible oversight demands balance — exposing wrongdoing where it exists, while refraining from reckless statements that could destabilise public confidence in the financial system or the PIC’s stewardship of assets.

Ultimately, what South Africa needs is consistent transparency, not selective outrage. If Holomisa’s concerns are indeed rooted in the public interest, he should lead by example — by demanding the immediate public release of the whistleblower report, calling for protection of the whistleblower involved, and urging a non-partisan, independent inquiry into both the governance and the impugned political dynamics affecting the PIC.

Politicians entrusted with public power must remain fair, fact-driven, and impartial in their pursuit of accountability. Anything less risks unnecessarily eroding trust in public institutions and undermining the very cause of integrity they claim to defend.

END

_____

📸 Phil Magakoe / Gallo Images

Issued by: Public Interest SA