The party says Sithole’s extensive experience, spanning insurance, and retirement fund industries, will prove invaluable in efforts to stabilize the PIC.
The Democratic Alliance (DA) welcomed the appointment of Abel Sithole as the new Public Investment Corporation chief executive officer (CEO).
Finance Minister Tito Mboweni announced the appointment on Wednesday, confirming that Cabinet had approved that the board of directors of the PIC proceed with Sithole’s appointment as CEO and executive director of the board of directors for a period of five years.
In a statement, DA MP Geordin Hill-Lewis said Sithole’s extensive experience, spanning insurance and retirement fund industries, will prove invaluable in efforts to stabilise the PIC and ensure a return of sound corporate governance.
“Sithole already has urgent issues to attend to on his first day at work. The first and most urgent task will be to implement the recommendations of the Mphati Commission into the affairs of the Commission.
“One of the Commission’s recommendations was that the report be forwarded to the NPA and all relevant authorities so that necessary steps can be taken against those who were found to have acted inappropriately,” he said.
Hill-Lewis further said Sithole needed to launch a full-scale review of all existing deals between the PIC and Sekunjalo Investment Holdings in order to recoup any money that was invested in Sekunjalo companies without delay.
“The Commission Report painted a scathing picture of the unholy alliance between Survé’s Sekunjalo Holdings and the former PIC CEO, Dan Matjila.
“More importantly, Mr Sithole’s performance will be measured by how well he protects the PIC from the ANC government’s repeated attempts to raid the fund and subsidise its poor handling of the economy,” he said.
The MP added the DA stood ready to work with Sithole in ensuring that the PIC stuck to its original mandate of creating value for government employees, who are its major shareholders.
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Source: The Citizen