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Bloomberg reports that the Public Investment Corporation (PIC) rewarded employees with extra pay and bonuses for helping to cover up a culture of mismanagement and corruption at the money manager, according to the former chief technology officer.
The PIC, which has assets of more than R2-trillion and manages the pension funds of government-workers, has increasingly come under the spotlight as board members, managers and other workers testify at an ongoing commission of inquiry into its affairs. Luyanda Ntuane said at the inquiry on Tuesday: “I believe the commission must investigate and look into the payroll of the PIC and note the changes in salaries and bonus payouts over the years. Some of the employees have enjoyed this growth in salaries, but equally know that the context under which they were applied was usually to hide the true beneficiaries of the increases.” In the three and a half years Ntuane worked at PIC, he said the restructuring of departments at least five times was used to justify increases. He described how the salaries of some newly graduated employees would more than double before they had gone through a single review period and how there were instances where workers who were toeing the line would end up earning more than their managers.
- Read the full original of Janice Kew’s report on the above at Fin24
Get other news reports at the SA Labour News home page