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, 21 tweets, 19 min read Read on Twitter
The #PICInquiry is running out of time to probe some of the major transactions where the asset manager has lost billions of rand in value in JSE-listed stocks.…
The #PICInquiry has seen its fair share of explosive, controversial, underwhelming as well as fumbling, testimonies. Here’s what has transpired to date and in my opinion, some of the questions that we still need answers to … before it is too late, writes Ayanda Mdluli.
@busrep Some of the witness testimonies have not only given #PICInquiry evidence leader, Advocate Jannie #Lubbe, sleepless nights but, have visibly irritated those conducting the Inquiry.
@busrep Former Governor of the South African Reserve Bank, Gill Marcus for one, has had a number of emotional outbursts, which have even led to widespread backlashes on social media.
@busrep #Lubbe is also facing his fair share of controversy, among others, allegations of attempting to improperly source information from potential witnesses through the use of editable Microsoft word documents and offering fatherly advice to a witness, prior to testimony.
@busrep Advocate #Lubbe’s legal team was reported to the PIC board, for acting improperly with regard to the taking of statements from potential witnesses.
@busrep The PIC’s suspended acting chief financial officer, Matshepo More, submitted that Advocate #Lubbe had purported his team had experienced a marked reluctance by witnesses to assist the commission.
@busrep This was due to a report she (More), and acting executive head of legal, Lindiwe Dlamini, had submitted to the PIC board.
@busrep @IndyMediaSA is in possession of a letter in which #Lubbe lays out a specific list of companies he wanted information on. A pre-determined game plan?
@busrep @IndyMediaSA These are concerning and damming revelations, especially given that a commission of inquiry is a forum in which evidence is gathered and tested to determine whether any criminal intent or liability is apparent and therefore prosecutable.
@busrep @IndyMediaSA The integrity of the Commission and its team is, therefore, of paramount importance.
@busrep @IndyMediaSA It is then highly unfortunate that Commissions of Inquiry in South Africa, seem to have descended into being used to settle political and personal scores, with a number of them more closely resembling kangaroo courts than fact-finding missions.
@busrep @IndyMediaSA This is evident in the #PICInquiry witness selection and the inordinate amount of time devoted to particular companies or individuals.
@busrep @IndyMediaSA A case in point is the #PICInquiry's almost unhealthy interest in @AYOTechnologyZA, which is strange given the fact that the PIC has actually not lost any real value in its investment, and the company operates – with a profit.
@busrep @IndyMediaSA @AYOTechnologyZA Organisations mentioned to date also include: Lancaster 101 led by Jayendra Naidoo – R9.4 billion loan to buy shares in Steinhoff Intl, which were later restructured for shares in #Steinhoff Africa Retail resulting in the PIC writing down the loan by R4.2 billion
@busrep @IndyMediaSA @AYOTechnologyZA Mobile Satellite Technologies (MST) – cleared by the Budlender report in October 2018;
@busrep @IndyMediaSA @AYOTechnologyZA Lebashe Investment Group and Harith General Partners both of whom received several rounds of PIC funds and who have been alleged to be PIC favourites, according to @BantuHolomisa, whose letter to President @CyrilRamaphosa started the ball rolling for the #PICInquiry
@busrep @IndyMediaSA @AYOTechnologyZA @BantuHolomisa @CyrilRamaphosa One shocking revelation that still needs to be addressed is that of how within a year of the PIC’s participation in Jayendra Naidoo’s acquisition of 2.75 percent of Steinhoff, the #Steinhoff share price began to decline.
@busrep @IndyMediaSA @AYOTechnologyZA @BantuHolomisa @CyrilRamaphosa This impacted on the PlC’s security package.
@busrep @IndyMediaSA @AYOTechnologyZA @BantuHolomisa @CyrilRamaphosa This was the submission of PIC executive, Botsang Morobe, to the #PICInquiry who said as a result of this, Lancaster Group approached the PIC with a proposal for the PIC to consider facilitating Project Blue Buck
@busrep @IndyMediaSA @AYOTechnologyZA @BantuHolomisa @CyrilRamaphosa A transaction that would result in a change in the PlC’s security package to a much more enhanced position.
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