BLF says no to capture of the PIC

The Public Investment Corporation (PIC) continues to give white monopoly capital the public’s pensions funds. The capture of the PIC by white monopoly capital was organized under the tenures of both Trevor Manuel and Pravin Gordhan at National Treasury as Ministers of Finance respectively. Unfortunately, the capture has not been stopped by the current Minister of Finance, Malusi Gigaba, and his deputy, Sfiso Buthelezi.

It’s shocking that brutal mass murdering imperialist companies like Lonmin are beneficiaries of the PIC investments. Now reports suggest that Lonmin may even get a bigger slice of the pie through its merger with Sibanye Stillwater. The PIC has just increased its stake in Sibanye Stillwater (Sibanye) right at the time that the company is retrenching 7000 workers.

BLF asks the nation to observe the hypocrisy that impacts so negatively on job creation. In this context a company like Oakbay Investments (Oakbay) that is fighting to keep 8000 jobs is being attacked by white monopoly capital which in turn is hellbent on shutting down its bank accounts and consequently depriving the workers of their jobs. The irony is that the PIC is giving more funds to Sibanye which is retrenching 7000 workers. It looks like Oakbay is being punished for saving jobs while the likes of Sibanye and Lonmin get rewarded for job cuts.

BLF calls on the PIC to use its leverage to create and protect jobs. The stake at Sibanye has to be used to stop the job blood bath. Furthermore, BLF calls on the Minister of Finance to speedily publish the list of companies and their shareholders as well the amounts extended to them by it in the last ten years. Let the nation see for itself how white monopoly capital has captured the state.


6 November 2017

Contact Details
Black First Land First Mail: [email protected]­

Zanele Lwana
(BLF Deputy President)
Cell: +27 79 986 7225

Lindsay Maasdorp
(National Spokesperson)
Cell: +27 79 915 2957

Brian Tloubatla
(Deputy National Spokesperson)
Cell: +27 82 216 7664