Pic inquiry
PIC expects to greatly benefit from new CEO Abel Sithole’s experience
Finance Minister Tito Mboweni announced Sithole's appointment on Wednesday, who is now the first permanent CEO since Dan Matjila who resigned under a cloud in...
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 report, released by President Cyril Ramaphosa, has detailed questionable deals worth billions of rands and the flouting of processes to secure them.
The report detailed how some senior officials flouted processes when making certain investment decisions.
The report implicated a number of current and former senior executives in flouting processes when making investment decisions.
The testimonies of the PIC's suspended CEO Matshepo More and her predecessor, Dan Matjila, were pivotal to the work of the commission.
The commission started its work in January this year looking into allegations of impropriety at the PIC.
The asset manager said that Victor Seanie was found guilty of the disciplinary charges against him, which included breaching the PIC’s internal policies in investment decisions.
The inquiry was supposed to submit its final report at the end of this month but will now do so by 15 December.
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 Public Investment Corporation told Parliament that it was taking action against companies it invested billions in.
The corporation said its assets under management increased by R47 billion when compared to last year.
Sekunjalo Holdings chairperson Iqbal Survé blamed Public Enterprises Minister Pravin Gordhan for the Financial Sector Conduct Authority (FSCA) raid on his offices and businesses.
The inquiry into alleged impropriety at the Public Investment Corporation held its last sitting on Wednesday after seven months of testimony.
The commission, led by retired Judge Lex Mpati, was set up by President Cyril Ramaphosa in October last year to look into any impropriety regarding investment decisions.
Former PIC CEO Dr Dan Matjila wrapped up his testimony on Monday and addressed allegations of impropriety at the state-owned asset manager.
When he first instituted the commission, President Ramaphosa had given it until 15 April to submit a report but that was extended to the end of July. The commission has now been granted another extension to submit the final report at the end of October.
Newly appointed interim Public Investment Corporation (PIC) board chair Reuel Khoza said that a permanent CEO would be appointed in the next three to six months.
The former PIC CEO shed light on the Sekunjalo Investment Holdings-Sagarmatha deal from September 2017.