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Ramaphosa receives final report, recommendations from PIC commission

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).

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 has received the final report from the Public Investment Corporation (PIC) commission.

The Presidency has confirmed that the report was handed over on Friday following two extensions.

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 last extension was requested by the commissioner of the inquiry, Justice Lex Mpati.

Ramaphosa will now have to consider the contents of the report.

His spokesperson Khusela Diko said: “The president will study the report. He is also scheduling a meeting with the former Supreme Court judge who chaired the commission.”

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).

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.

Additional reporting by Shimoney Regter.

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