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Acting PIC secretary explains corporation’s objective as inquiry gets underway

The commission started on Monday at the Old Council Chambers in Pretoria central.

Acting PIC secretary Wilna Louw gives testimony at the commission of inquiry into the Public Investment Corporation (PIC) on Monday, 21 January 2018. Picture: EWN

JOHANNESBURG - The first witness in inquiry into the Public Investment Corporation (PIC) has given the commission an overview of the nature of the corporation and the PIC Act.

The commission started on Monday at the Old Council Chambers in Pretoria central.

Last year, President Cyril Ramaphosa signed off on a wide-reaching judicial commission into the corporation which manages government pension funds, after it became the focus of persistent reports about alleged impropriety.

Acting secretary for the PIC, Wilna Louw was the first to take the stand. She joined the corporation back in 1996.
Louw has explained the PIC’s main objective.

“As per section 4 of the PIC Act, the main objective of the PIC is to be a financial service provider in terms of the Financial Advisory and Intermediary Services Act, 2002.

WATCH: Mpati, Marcus get PIC inquiry underway

(Edited by Shimoney Regter)