PIC inquiry extended by three months

The commission is investigating several dodgy transactions and allegations of impropriety.

Investment Corporation. Picture: pic.gov.za

JOHANNESBURG - The Public Investment Corporation (PIC) commission of inquiry has been extended for an additional three months.

Inquiry chairperson Judge Lex Mpati requested an extension due to the extent of the ongoing investigations into a considerable number of transactions at the Public Investment Corporation.

The commission is investigating several dodgy transactions and allegations of impropriety.

Mpati submitted his interim report to President Cyril Ramaphosa in February, saying he would need an extension for the final report.

According to the terms of reference, the final report is due by mid-April, but Ramaphosa has granted Mpati's request for an extension meaning the new deadline is now at the end of July.

Given the breadth of investigations the terms of reference also now include the following clause: “to investigate whether the pic has given effect to its clients' mandates as required by the Financial Advisory Act.”

The hearings are expected to continue on Monday.