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Ramaphosa extends submission deadline for PIC Inquiry report for third time

A commission of inquiry was set up by the president in October 2017. In March and June this year, the president extended the inquiry to allow it to complete its work.

A screengrab of the commission of inquiry into the Public Investment Corporation (PIC). Picture: SABC Digital News/youtube.com

CAPE TOWN – South Africans will have to wait longer for the final report into allegations of impropriety at the Public Investment Corporation (PIC) after President Cyril Ramaphosa on Tuesday extended the submission deadline.

A commission of inquiry was set up by the president in October 2017. In March and June this year, the president extended the inquiry to allow it to complete its work.

The Presidency said the latest extension was requested by the commissioner of the inquiry, Justice Lex Mpati.

“President Cyril Ramaphosa has extended the deadline of the submission of the final report of the commission of inquiry into allegations of impropriety regarding Public Investment Corporation from 31 October to 15 December 2019,” the Presidency said in a brief statement on Tuesday.

The PIC is a state-owned entity and asset manager. It’s responsible for investment in the Government Employees Pension Fund, Compensation Commissioner Fund (CC), Compensation Commissioner Pension Fund (CP) and Associated Institutions Pension Fund (AIPF).

It came under the spotlight during the commission for its dealings with Ayo Technology Solutions, among other things. So far, the commission has heard from over 70 witnesses.

The commission is mandated to look into whether a director or employee of the PIC had misused their position for personal gain; whether legislation or policies regarding the protection of whistle-blowers reporting corrupt activities were complied with; and whether discriminatory practices were followed with regard to the remuneration and performance awards of PIC employees.

The commission also has the mandate to examine and make recommendations on governance and structure of the PIC.

Last week, the PIC said it was investigating claims that Iqbal Survé’s Sekunjalo Group was moving its assets outside of South Africa. The PIC had invested funds in Sekunjalo and its subsidiary Ayo Technology Solutions. Survé, however, denied the claims.

The PIC has sought help from the Financial Intelligence Centre and the South African Reserve Bank in its investigation.

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