PIC commission of inquiry kicks off today

Following a directive from President Cyril Ramaphosa in October 2018, public hearings into allegations of impropriety at the Public Investment Corporation (PIC) will begin in Tshwane this morning.

Led by former president of the Supreme Court of Appeal, Justice Lex Mpati, the Judicial Commission of Inquiry is investigating allegations of impropriety following reports of poor governance and precarious investment processes.

Based on its findings, the commission will then have to provide the president with an interim report by February and submit a final report and recommendations by April 2019.

Not only is the PIC-only investment management company in South Africa that focuses exclusively on the public sector, but it is also one of the largest investment managers in Africa, managing assets worth over R2.083 trillion.

ALSO READ: PIC inquiry not just about Dan Matjila

According to SA Gov News, the PIC is a registered financial services provider that is wholly owned by the South African government with the minister of finance serving as shareholder representative.

The commission’s terms of reference include a review of the PIC’s governance and operating model, possible changes to the PIC’s founding legislation and its memorandum of incorporation and investment decision-making framework, reports the publication.

Justice Mpati will be assisted by the former South African Reserve Bank governor and deputy minister of finance Gill Marcus, as well as an accomplished investment banker and asset manager, Emmanuel Lediga.

Evidence from key PIC employees will be heard over three days and will give the commission an overview of the applicable legislation, policies, and various units of the PIC, so as to lay the groundwork for later engagements.

Acting secretary for the PIC Wilna Louw will be the first person to testify and she will be followed by the executive head of impact investment Roy Rajdhar.

Over the next three days Sholto Dolamo, the executive head of research and project development and Fidelis Madavo, who is the executive head of listed investments, will also take to the stand.

For more news your way, download The Citizen’s app for iOS and Android.