UDM leader General Bantu Holomisa laid bare a series of major PIC transactions in a letter to President Cyril Ramaphosa. Photo: Masi Losi/African News Agency (ANA)

CAPE TOWN – United Democratic Movement leader general Bantu Holomisa has given testimony at the PIC Commission of Inquiry in Pretoria.

According to Holomisa, he became concerned about the PIC following anonymous tip-offs of possible wrongdoing and media reports of dubious transactions that implicated management and the PIC board.

In recent reports, it has been stated that The board of the Public Investment Corporation (PIC) has suspended its acting chief executive, Matshepo More, according to inside sources.

The suspension, which has been kept under wraps, comes after a board meeting held on Wednesday, where, sources say Deputy Finance Minister and PIC chairperson, Mondli Gungubele, was left with no choice but to suspend More.

Contacted for comment, PIC officials confirmed that there was a board meeting held on Wednesday, but refused to be drawn to comment on the outcome of the board meeting, or More's suspension.

The judicial commission of inquiry has until April 15 to deliver its final report to President Cyril Ramaphosa.