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Criminal probe to begin after Presidency hands over damning PIC report

The commission of inquiry into the PIC found that there was impropriety at the PIC, as questionable investment decisions were made costing the asset manager billions of rand.

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

JOHANNESBURG – A criminal investigation will now begin on the allegations of impropriety at the Public Investment Corporation (PIC).

This week President Cyril Ramaphosa released a scathing report detailing the dodgy dealings at the PIC.

The commission into allegations at the PIC found that there was impropriety at the PIC, as questionable investment decisions were made costing the asset manager billions of rand.

The Presidency said it has handed over the report to law enforcement agents for possible prosecution.

The National Prosecuting Authority's Bulelwa Makeke says, “It’s nowhere the point where the NPA takes the report and goes to court. There needs to be dockets that are compiled from investigations by the police.”