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Inquiry into PIC governance, corruption to begin today

The inquiry into the PIC will examine governance, corruption and mismanagement issues going as far back as 2015.

Picture: Investment Corporation. Picture: pic.gov.za

JOHANNESBURG – The commission of inquiry into the Public Investment Corporation (PIC) is expected to get underway on Monday, starting with evidence from the PIC's employees.

President Cyril Ramaphosa signed off on a wide-reaching judicial commission of inquiry last year after the PIC became the focus of persistent reports about alleged impropriety and dubious investments.

An interim report is expected by 15 February, while the final report is due in April ahead of the national elections.

The inquiry into the PIC will examine governance, corruption and mismanagement issues going as far back as 2015.

The PIC manages investments worth R2 trillion on behalf of the Government Employees’ Pension Fund (GEPF).

The inquiry will focus predominantly on whether the investment decisions made by the PIC flouted any policy or law or whether they benefited a select few.

Over the next three days, the evidence is expected to be heard from PIC employees to give the commission an overview of the applicable legislation, policies and various units at the corporation.

The inquiry will be headed by former Supreme Court of Appeal President Judge Lex Mpati, who will be working with former Reserve Bank Governor Gill Marcus.

(Edited by Leeto M Khoza)

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