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Here's why Ramaphosa extended the deadline for PIC inquiry report

The inquiry was supposed to submit its final report at the end of this month but will now do so by 15 December.

The commission of inquiry into the Public Investment Corporation (PIC) got underway on Monday, 21 January 2018. Picture: SABC Digital News/youtube.com

JOHANNESBURG - President Cyril Ramaphosa on Tuesday said he was extending the deadline of the Public Investment Corporation (PIC) inquiry report to allow the commissioners more time to process witness statements.

The inquiry was supposed to submit its final report at the end of this month but will now do so by 15 December.

This is the third time that the president has extended the commission's deadline this year.

Ramaphosa's latest decision to grant the extension means South Africans will have to wait a little longer for the findings of the PIC inquiry.

Chairperson Judge Lex Mpati and his two commissioners are tasked with investigating allegations of corruption, impropriety and maladministration at the PIC.

The PIC is the largest state asset manager with R2 trillion in assets.

Presidential spokesperson Khusela Diko said: “The commission requires more time to process written submissions by witnesses and also the forensic team that supports the commission leader more time to finalise the investigation on certain transactions.”

The commission heard evidence from 77 witnesses including former chief executive Dan Matjila and Sekunjalo chairperson Iqbal Survé, who denied that his companies received billions from the PIC through dodgy deals.