PSA condemns delays in finalising PIC inquiry

The Public Servants Association called President Cyril Ramaphosa's decision to extend the deadline to submit a final report on the Commission of Inquiry into the Public Investment Corporation (PIC) yet again "unjustifiable", demanding that the process be expedited with urgency.

Last week Ramaphosa agreed to extend the PIC commission of inquiry's deadline to submit a final report to December 15, 2019, after the deadline was moved from July 31, 2019 to October 31, 2019.

The inquiry was established to investigate governance at Africa's largest asset manager, after multiple scandals came to light in 2018.

In a statement released on Monday the PSA said the inquiry, chaired by Judge Lex Mpati, should have already provided its findings months ago and that the slow pace of judicial commissions of inquiry should not excuse a failure to treat the matter with urgency.

"The PSA understands that there were several witnesses who had to be interviewed, but these inquiries have a tendency not to plan work according to the allocated time-frames, with no associated haste or pressure to conclude matters timeously," the statement said.

According to the statement, continued delays in the commission would have a negative impact, not only on the economy, but on returns that could have been received if funds were recovered and invested.

"Whilst the investigation is ongoing and extended, the PIC continues with investments of public servants' pension money and monies lost are not recovered timeously with no consequences to individuals implicated in the wrong-doings," the statement said.

Last week the PIC confirmed to Fin24 that it dismissed Victor Seanie, an assistant portfolio manager of listed equities involved in the R4.3bn investment in JSE-listed IT group AYO Technology Solutions.

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