Misery from shouting out when not knowing what you don’t know

I've been reading reams of documentation produced by the PIC Commission. My focus has been on a surprisingly neglected avenue of inquiry. Surprising because it relates to why the Commission was established in the first place: sensational allegations against a group of businessmen denounced as "hyenas" by politician Bantu Holomisa. As the facts have unfolded, it looks ever more likely that the UDM leader aimed at the wrong targets – a dangerous game sans the shield of Parliamentary privilege.

For his troubles, Holomisa is being mauled in a defamation suit, and during the past fortnight at the PIC Commission, fared poorly under fact-based cross examination. Something which is no surprise to financial sector insiders because the primary object of Holomisa's ire, entrepreneur Tshepo Mahloele, has an impressive pedigree. A graduate from the same FirstRand "Class of…" as Michael Jordaan and Herman Bosman, he is also credited with pioneering private sector funding of African infrastructure projects (at the PIC's instigation).

Low profile Mahloele impressed me when I interviewed him shortly after Holomisa made his very public allegations last June and again in London last weekend (the interview is on Biznews today). He went one better at the Commission, showing it that contrary to Holomisa's "hyena" claims, Mahloele's businesses have actually generated literally billions of rand in profit on the investments managed for the PIC.

When his turn for voluntary testimony came, Mahloele's business partner, former deputy finance minister Jabu Moleketi described Holomisa's allegations as "a series of suspicions, speculations and suppositions resulting from a gross misunderstanding of the people, companies and institutions he attacks." A classic case, it seems, of a well-intended politician not knowing what he doesn't know.