The Public Investment Corporation faces scrutiny: R3.5 trillion at risk The Public Investment Corporation (PIC), the state asset manager entrusted with investing public funds on behalf of government employees, has come under renewed parliamentary focus as it appears before the Standing Committee on Finance (SCOF). The engagement follows a sustained oversight push from the United Democratic Movement (UDM), led by Bantu Holomisa, who has called on Parliament to interrogate what he describes as escalating governance concerns within the PIC, including matters linked to unlisted investments and the conduct of senior officials. Holomisa’s latest submission to Parliament outlines further issues the UDM believes should be interrogated during the PIC’s appearance.
These include a set of specific questions connectedto the so-called “Thabiso Moshikara scandal” (July 2025), as well as a dispute involving Levoca805, Metrofibre, and actions allegedly taken by the PIC to seize shares. For full context, the UDM’s published correspondence is availablehere: https://udm.org.za/post/r35-trillion-at-risk-the-public-investment-corporations-appearance-at-the-standing-committee-on-finance–further-issues-and-pertinent-questions-that-need-to-be-asked-of-the-pic The PIC is not an ordinary investment institution. It is responsible for investing assets largely linked to public sector pensions, meaning the consequences of governance failures are ultimately carried by South African public servants whose savings are invested through the Government Employees Pension Fund (GEPF).
Unlike typical corporate disputes, allegations involving the PIC raise direct questions about public accountability, fiduciary duty, and whether internal controls are being applied consistently. This is especially significant in light of prior findings related to the PIC, including earlier national scrutiny into governance failures in the institution’s unlisted investment environment. Holomisa’s position, as reflected in the UDM submission, is that Parliament should not treat the PIC appearance as a routine reporting exercise, but as a critical oversight moment to test whether the institution is acting transparently, lawfully, and in the best interests of pension beneficiaries.
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A central element of the questions submitted by Holomisa involves an investment dispute connected to Metrofibre and Levoca 805, and the proportionality of actions taken by the PIC. Holomisa’s submission states that the Metrofibre investment funding of Levoca is referenced in the GEPF Annual Financial Report of 2024 as having generated profit for the PIC/GEPF of just over R100 million within the span of a year. Based on this, the UDM questions why the investment arrangement was cancelled and why an outcome allegedly involving the seizure of shares would be pursued in a matter said to involve an invoice of R1,170.
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