23 January 2019

South Africa: Labour On Suspension of Public Investment Corporation Officials

press release

UIF notes with concern suspension of PIC officials for irregularities in R4.3 billion investment

The Unemployment Insurance Fund (UIF) notes with concern the suspension of officials at the Public Investment Corporation (PIC) for allegedly flouting governance and approval processes in the R4.3 billion investment into Ayo Technologies.

The Fund respects that the suspensions are an internal matter between employer and employee. However, the UIF has started engaging the PIC to seek assurance that the Fund's investment portfolio is safe and has not been negatively impacted by the debacle.

The UIF is closely monitoring and supports the Commission of Inquiry currently underway to investigate allegations of impropriety at the PIC.

The Unemployment Insurance Fund is a public entity of the Department of Labour whose mandate is to provide short term relief to workers who qualify for benefits.

Issued by: Department of Labour

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