Public Investment Corporation (PIC) logo. Photo: Supplied
Public Investment Corporation (PIC) logo. Photo: Supplied
President Cyril Ramaphosa has a tough job ahead of him, says the writer. 
   Siyasanga Mbambani
President Cyril Ramaphosa has a tough job ahead of him, says the writer. 
 Siyasanga Mbambani

JOHANNESBURG – President Cyril Ramaphosa on Wednesday appointed a Commission of Inquiry into allegations of impropriety regarding the Public Investment Corporation (PIC).

PIC chief executive, Dr Daniel Matjila, said on Wednesday that he was delighted about President Cyril Ramaphosa's appointment of a Commission of Inquiry into the PIC.

"We welcome the commission of an inquiry and hope that outcome will be an improved governance which will sustain the good performance of the PIC. Out of this will emerge an even stronger organisation that serves its clients with excellence and the economic benefits of the investments are enjoyed by all South Africans," said Matjila.

In the Government Gazette, Ramaphosa said former president of the Supreme Court of Appeal, Justice Lex Mpati, would be the inquiry's commissioner assisted by former Reserve Bank governor Gill Marcus, and veteran asset manager, Emmanuel Lediga.

"In terms of section 84(2)(f) of the Constitution of the Republic of South Africa, 1996, I hereby appoint a Commission of Inquiry into allegations of impropriety regarding the Public Investment Corporation (PIC) with the terms of reference attached in the Schedule hereto and appoint Honourable Mr Justice Lex Mpati, the former President of the Supreme Court of Appeal who has been discharged from active service as Commissioner, assisted by Ms Gill Marcus and Mr Emmanuel Lediga," Ramaphosa said.

The PIC is the biggest asset manager in Africa and manages almost R2 trillion in government pension and other funds. 

African News Agency (ANA)