Telkom insisted the president lacked particulars which are mandatory to fulfil the requirement for an SIU investigation and that, as a company majority-owned by investors other than the government, it was not a public state-owned entity in terms of the Public Finance Management Act (PFMA). The government owns 40.5% of the shares in Telkom, while the Government Employees Pension Fund owns 15.3% of the stock. The rest of the shares are owned by private investors.