Cosatu expresses deep concerns over allegations of corruption and mismanagement at the Public Investment Corporation, urging for transparency and accountability to protect workers' pensions.
The Congress of South African Trade Unions (Cosatu), workers and pensioners have been deeply concerned by recent allegations of corruption, state capture, political interference and questionable investments surrounding the Public Investment Corporation (PIC).
Workers paid a heavy price over the years for state capture and corruption with many losing their jobs, others robbed of their pensions and other third-party payments, public and municipal services run into the ground, and investment needed for growth shifted elsewhere.
Whilst President Cyril Ramaphosa’s administrations have made substantial progress dismantling the state capture and corruption networks that have done so much damage to the nation, we dare not be complacent nor ignore the reality, that the PIC like many other state institutions continues to battle this cancer. During the dark decade of state capture, the PIC was a prime target for these criminals to feast upon.
It is important to appreciate that despite the recent negative headlines clouding the PIC, that under the past two Boards, important progress was made tackling corruption and enhancing transparency.
