Ramaphosa reveals terms of reference into PIC probe

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The commission of inquiry into the Public Investment Corporation will be headed by the former President of the Supreme Court of Appeal Justice Lex Mpati, and it will be assisted by former Reserve Bank Governor Gill Marcus and well-known businessman Emmanuel Lediga. 

This is according to the terms of reference gazetted by President Cyril Ramaphosa on Wednesday.

This comes after PIC CEO Dan Matjila has faced allegations that he use the corporation's funds to benefit a friend. 

The inquiry, which was initially announced in a statement by Treasury in August, will look into alleged impropriety regarding investment decisions by the PIC according to media reports between 2017 and 2018, and whether this resulted from ineffective governance or functioning by the PIC board.

It will also look into whether a PIC director or employee misused their position for personal gain, whether legislation or policies regarding the protection of whistleblowers reporting corrupt activities were complied with, whether discriminatory practices were followed with regard to the remuneration and performance awards of PIC employees, among other things.

The commission will consider the period between January 2015 and August 2018.

Ramaphosa has given the commission a deadline to submit an interim report by February 15, 2019. A final report is due on April 15, 2019.

Newly appointed Finance Minister Tito Mboweni told Parliament's Standing Committee on Finance on Tuesday that he had been provided with a prelimenary report of what needed to be done on the matter. He said that he was yet to meet with the president about it.

When contacted by Fin24, the PIC said it was not yet able to issue a formal response on the inquiry.

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