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Holomisa: PIC inquiry will make state capture probe look like Sunday picnic

President Cyril Ramaphosa signed the proclamation detailing the inquiry’s terms of reference earlier this month and it was published in the government gazette on Wednesday.

FILE: UDM leader Bantu Holomisa. Picture: Christa Eybers/EWN

CAPE TOWN - The far-reaching inquiry into alleged impropriety at the Public Investment Corporation (PIC) has been welcomed.

The commission will be headed by retired Judge Lex Mpati and has six months to investigate governance issues at the PIC, as well as a range of investments made between 2015 and 2018.

President Cyril Ramaphosa signed the proclamation detailing the inquiry’s terms of reference earlier this month and it was published in the government gazette on Wednesday.

UDM leader Bantu Holomisa says the inquiry into the PIC is necessary because state employees’ pensions make up part of the more than R2 trillion in assets it manages on behalf of government.

“We can’t allow these crooks and ‘tsotsis’ who know nothing about civil service… all of a sudden they are multi-billionaires and multi-millionaires and looting those resources, the monies of the pensioners.”

Holomisa says he believes the PIC inquiry will make Judge Raymond Zondo’s inquiry into state capture look like a Sunday picnic.

The DA’s David Maynier has welcomed the broad scope of the inquiry.

“For years, there have been allegations about questionable investments (by the PIC), which suggested that through influence peddling, the PIC was at risk of becoming a piggy bank for the governing party in South Africa.”

(Edited by Shimoney Regter)