SADTU says No to the Guptarisation of the Public Investment Corporation

14 September 2017

The South African Democratic Teachers' Union has noted with grave concern newspaper reports that the Gupta apologist Brian Molefe is allegedly being positioned to take over from the current CEO of the PIC in the very near future. The PIC's main mandate is to invest our pension funds as public servants and currently has assets worth R1.9 trillion.

We find it grossly disturbing that the Gupta's blue eyed boy Molefe is now set to take over the responsibility of managing our pension funds. This is clearly another attempt to capture the PIC by the predatory Gupta inspired corrupt elite through Molefe. As a matter of principle, we are not opposed to the agenda of investing our pension funds wisely and neither are we opposed to strengthening our State Owned Enteprises. What we are firmly opposed to however, is an agenda that seeks to enrich a small group of corrupt individuals through persons of questionable standing such as Brian Molefe.

It is a known fact that Molefe left another entity, Eskom under a cloud and that some of his strategic actions at the said SOE were allegedly directly informed by his handlers who are based at the Saxonworld "shebeen". He did everything within his power as the CEO of Eskom to empower Gupta linked enterprises through alleged shady contracts and deals. It is therefore not farfetched to believe that the Saxonworld gang has identified the PIC as their next piggy bank after their dismal failure to capture the Treasury through the very same individual.

As a Union representing no less than 250 000 public servants whose pension funds are being managed by the PIC, we will do everything in our might to oppose any attempts to capture this entity. We will oppose any decision that will expose our hard earned money to the parasitic hands of the Gupta family starting with the appointment of Molefe to the PIC.

We are committed to fighting corruption where ever it may raise its ugly head because the workers and the poor are often at the receiving end of its adverse effects. It is for this reason that we will mobilise our members in their thousands to march hand in hand with fellow workers under the banner of COSATU on the 27th of September as we take a stand against state capture, corruption and job losses.

ISSUED BY: SADTU Secretariat


General Secretary, Mugwena Maluleke: 082 783 29 68
Deputy General Secretary, Nkosana Dolopi: 082 709 5651
Media Officer, Nomusa Cembi, 082 719 5157