Parliament sets sights on probing allegations of "mega-looting" at PIC

Parliament confirms probe into threat to R3.5 trillion in public servants' pensions portfolio

- BANELE GININDZA

IN HIS letter dated 29 October 2025, Holomisa warned that the alleged irregularities represented “a situation of enormous proportions that rivals the State Capture scandal itself,” arguing that decisive, immediate intervention — not another commission of inquiry — was required to prevent further losses. IOL File

PARLIAMENT has confirmed that it is following up on allegations of financial mismanagement and governance failures at the Public Investment Corporation (PIC) that could threaten the stability of the R3.5 trillion public servants' pension portfolio.

The move follows explosive claims by United Democratic Movement (UDM) leader, Bantu Holomisa, who wrote to President Cyril Ramaphosa and Parliament's Standing Committee on Public Accounts (Scopa) alleging "continued looting, mismanagement, and administrative bungling from top to bottom" at the PIC and its Isibaya Fund.

In his letter dated 29 October 2025, Holomisa warned that the alleged irregularities represented "a situation of enormous proportions that rivals the State Capture scandal itself," arguing that decisive, immediate intervention - not another commission of inquiry - was required to prevent further losses.

He cited the Mpati Commission - established in 2018 by Ramaphosa to investigate impropriety at the PIC - as having exposed systemic governance failures, particularly within the unlisted investments portfolio, the Isibaya Fund.

Scopa Chairperson Songezo Zibi confirmed to Business Report over the weekend that the committee had taken note of the allegations and would be formally engaging the PIC to obtain clarification and evidence on specific transactions and some practices.