Give Daybreak ‘space and time’ to deal with whistleblower concerns – PIC

The Public Investment Corporation (PIC) says the newly installed board at Daybreak Farms must be given “space and time” to address whistleblower concerns and governance issues that have long plagued the company.

Daybreak is owned by government workers through their investments in the PIC, which last October moved to appoint a new board at the company following corporate governance and management concerns brought forward by the whistleblower.

The poultry producer was hit with fresh controversy over the weekend when former Daybreak auditor Mathapelo More was quoted in a Sunday Times report.

More, who attempted to prevent what she says went on to become the theft of over R200 million, was axed after uncovering and then reporting irregular payments made to companies linked to senior PIC and Daybreak officials.

The report says More and three colleagues were instrumental in reporting instances of looting and governance breaches at Daybreak to senior management at the PIC in 2021.

At the time, they claimed R1 million had been stolen – a far cry from the R200 million they now believe has been taken.

But in a statement issued on Wednesday, the PIC says it is continually engaging with the board of Daybreak in its endeavours to ensure that all issues raised by the whistleblower in 2021 are adequately addressed.

“When a whistleblower complaint from the management team against the previous Daybreak Board was received by the PIC early in 2021, the PIC initiated a governance review process to consider the complaints.

“Such complaints are dealt with in terms of PIC’s internal processes and policies, including testing the veracity of these allegations. This is the case in the Daybreak instance.”

Following the review process, the PIC in October last year appointed a new board comprising non-executive directors tasked to address and improve the internal governance and process issues that had been identified.

“The current Board should be given sufficient space and time to do its work, especially given the historic challenges at the company,” it says.

The new board has also been tasked with ensuring that Daybreak remains operationally and financially sustainable.