Ramaphosa reveals terms of reference into PIC probe

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.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER  

ZAR/USD
17.04
(-0.38)
ZAR/GBP
21.81
(-0.11)
ZAR/EUR
19.90
(-0.12)
ZAR/AUD
12.03
(-0.12)
ZAR/JPY
0.16
(-1.12)
Gold
1860.65
(+0.03)
Silver
22.87
(+0.11)
Platinum
844.51
(+0.50)
Brent Crude
42.23
(-0.12)
Palladium
2207.00
(+0.59)
All Share
53587.11
(-1.22)
Top 40
49547.74
(-1.16)
Financial 15
9401.28
(-1.95)
Industrial 25
72949.70
(-1.72)
Resource 10
53453.42
(-0.10)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1368 votes
It depends on how the funds are used.
73% - 8867 votes
No. We should have gotten the loan elsewhere.
16% - 1959 votes
Vote