PIC commission's scope, deadline extended due to 'breadth' of investigations

The commission if inquiry tasked with probing matters of governance at the Public Investment Corporation has been extended due to the number of ongoing investigations by its forensic team.

In a statement issued on Saturday, the PIC commission said President Cyril Ramaphosa had granted the request by Justice Lex Mpati – who is overseeing the commission – for an extension of three months.

The request was submitted with Mpati's interim report in February.

Additionally, given the breadth of the investigations, the terms of reference will now include a new clause, namely whether the PIC has given effect to its clients' mandates as required by the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) and any applicable legislation.

The addition came as a result of allegations made before the Commission that in certain instances the PIC might not have acted in accordance with clients’ mandates, the commission said.

"The motivation for the request is the extent of the ongoing investigations by the Commission’s forensic team into a considerable number of transactions, which must be concluded well in advance of the date of submission of the final report to the President. 

"The President has granted the Commission’s request for an extension, with the new date of submission of the final report being the 31st July 2019," the commission said.

The hearings are scheduled to continue on Monday, 1 April 2019. 

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