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More details on PIC inquiry to be announced soon

The PIC invests around R2 trillion in assets on behalf of the government, but it has been beset by allegations of wrongdoing and dubious investment decisions.

FILE: Public Investment Corporation (PIC) CEO Dan Matjila. Picture: Public Investment Corporation.

CAPE TOWN - Treasury says more details about the commission of inquiry into the Public Investment Corporation (PIC) will be announced soon.

Finance Minister Nhlanhla Nene announced on Thursday afternoon that President Cyril Ramaphosa had agreed to an independent inquiry into allegations of improprieties at the PIC.

While the broad terms for the inquiry have been announced, the details and the names of those who will lead the inquiry and make up its team will only be announced later.

The PIC invests around R2 trillion in assets on behalf of the government, including the pensions of civil servants, but it has been beset by allegations of wrongdoing and dubious investment decisions.

While these have been vigorously denied by the PIC and its CEO Dan Matjila, there’s a clear need to ensure public confidence in the entity.

The inquiry will review the PIC’s governance and operating model and also look at possible changes to its founding legislation – a task that Parliament’s finance committee is currently seized with.

(Edited by Winnie Theletsane)

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