PIC inquiry extended by three months

Upon request from inquiry chairperson Judge Lex Mpati the Public Investment Corporation (PIC) commission of inquiry has been extended for an additional three months.

This is reportedly due to the extent of the ongoing investigations into a considerable number of transactions at the Public Investment Corporation.

A number of questionable transactions and allegations of impropriety are also under investigation by the commission.

According to EWN, Mpati submitted his interim report (which was initially due by mid-April) to President Cyril Ramaphosa in February, saying he would need an extension for the final report.

“In his interim report, submitted to the president on 15 February 2019, the chairperson of the commission Justice Lex Mpati requested an extension of three months. 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,” read part of a statement issued by the inquiry.

Ramaphosa has granted Mpati’s request thus making the new deadline the end of July.

The terms of reference of the commission now include a new clause, “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 hearings are expected to continue on Monday.

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