Dr David Masondo, Deputy Minister of Finance. The labour federation Cosatu says South Africa's R3.6 trillion public investment fund must remain protected through stronger governance, worker representation and continued investigations into alleged wrongdoing.
The Congress of South African Trade Unions (Cosatu) has called on Cabinet to urgently appoint a new board for the Public Investment Corporation (PIC), warning that investigations into alleged corruption and governance failures must continue despite the resignation of the corporation's board.
The federation acknowledged the resignation of the PIC board, including chairperson and Deputy Finance Minister Dr David Masondo, as well as labour representatives, while commending their stewardship during a period in which the PIC's assets under management doubled.
According to Cosatu, the funds managed by the PIC belong to South African workers and pensioners and must remain protected from political interference and corruption.
"It is important for all parties to understand that the monies invested by the PIC, namely the Government Employees' Pension, Unemployment Insurance and Compensation of Occupational Injuries and Diseases Funds, belong to workers and pensioners, not PIC officials, politicians, tenderpreneurs or their families," the federation said.
