Tshepo Mahloele: The great paradox of the PIC Commission

In June last year, feisty politician Bantu Holomisa launched a raft of sensational allegations against a trio of leading businessmen which were immediately lapped up by the media. As a result, Holomisa finds himself on the wrong end of a libel suit. But the UDM political party president’s colourful language and skilful media management has had an upside. Last October, a Commission of Inquiry was established to look into his allegations of impropriety at the R2 trillion Public Investment Corporation, or the PIC. And in hearings since January the commission has exposed two unexpected warts: the dictatorial management style of the PIC’s now suspended chief executive Dr Dan Matjila; and likely fraud around the PIC’s R4.3bn investment in Ayo, a wanna-be African tech giant promoted on vapourware. The great paradox, however, is the supposedly pillaging businessmen described by Holomisa as “hyenas” are coming through the interrogation as honest agents. Indeed, testimony heard by Judge Lex Mpati and his commissioners Gill Marcus and Chief Lediga reveals their businesses have actually generated billions in profit for State pensioners. For those in the know, this is no surprise. That includes anyone who heard my interview with the central character, Harith’s founder Tshepo Mahloele. I was looking for the other side to an incredulous story shortly after Holomisa’s allegations were publicised. At the PIC Commission these past two weeks, Holomisa fared poorly under cross questioning. But those he targeted - Mahloele, his chairman Jabu Moloketi and business partner Warren Wheatley - appeared voluntarily and delivered a consistent and believable version of events. Last weekend, I caught up with Mahloele at the National Portrait Gallery in London…