Cosatu asks Gigaba to explain PIC audit order

SABC News reports that trade union federation, Cosatu has called on Finance Minister Malusi Gigaba to be clearer on the motivation behind a planned forensic audit of all the Public Investment Corporation’s investments. Cosatu’s call follows an order from Gigaba for an audit of all Public Investment Corporation (PIC) transactions since 2014.

Since then there have been more eyes on the corporation which manages the Government Employees Pension Fund that are worth more than R1,8 trillion in assets. Cosatu wants answers on the Finance Minister’s order this week for a forensic audit of all PIC investments. Its General-Secretary Bheki Ntshalintshali has called on Gigaba to make his intentions clearer. Gigaba requested that the audit be carried out by a reputable independent forensic company.

by Devan Murugan