Parliament presses PIC over MetroFibre deal and R1.4bn indemnity

ATM president and committee member Vuyo Zungula challenged why the indemnity was issued despite MetroFibre generating over R100m for pensioners in just one year. Questions also arose about the proposed buyback of shares held by black-owned investment vehicle Levoca 805, even after the company reportedly remedied all issues cited in the PIC’s breach notice. PIC CEO Patrick Dlamini confirmed that Levoca had settled outstanding legal fees and that a draft MetroFibre valuation is under review.

UDM leader Bantu Holomisa raised concerns about governance and accountability, highlighting that a fraud and corruption case has been opened against the PIC’s head of legal, Lindiwe Masina Dlamini, and questioned why she had not been suspended under circumstances similar to a previous case. Holomisa warned that delays and irregularities in this process could undermine public trust and affect South Africa’s investment environment.

Further scrutiny focused on a leaked draft valuation suggesting that a loan of approximately R697m extended to Levoca 805 may result in a buyback figure more than R320m higher within just over a year. MPs emphasised the need for full transparency to ensure that pension funds and public money are protected.

As MDNtv Accountability & Power Watch, we will continue to track this matter, highlighting gaps in oversight and demanding clarity on the handling of public funds and investments. South Africans deserve full disclosure and accountability.

Watch full parliamentary proceedings here: https://youtube.com/playlist?list=PLDc3mX9_FzN3VmGCW7gq1Dq4YgTNf3N-f&si=vlNH8APOW7xFooUO