South Africa - Pretoria - 24 February 2019  - Media take photographs and video of Deputy Finance Minister and chairperson of the Public Investment Corporation's board Mondli Gungubele before testifying at the Public Investment Corporation(PIC) Commission of Inquiry in Old Council Chambers, Sammy Marks Building, Pretoria. Picture: Karen Sandison/African News Agency(ANA)

TSHWANE – Deputy Finance Minister Mondli Gungubele, who is also chairperson of the Public Investment Corporation (PIC) board, on Monday arrived at the public inquiry chaired by former Supreme Court of Appeal Justice Lex Mpati to give evidence before the probe set up by President Cyril Ramaphosa.

At 10am, Mpati resumed the public hearings with a call for any persons with “information relevant to our terms of reference” to contact the commission.

The inquiry’s evidence leader told the commission that Gungubele – the former Ekurhuleni Mayor – had volunteered to come and testify, and had not been subpoenaed.

Last year on 17 October President Cyril Ramaphosa announced that he had set up a commission of inquiry into allegations of impropriety regarding the PIC and gave it six months to complete the investigation. 

The PIC, the biggest asset manager in Africa and manages almost R2 trillion in government pension and other funds, has been mired in controversy with allegations of impropriety against its directors regarding some of its investment decisions.

The commission is led by Mpati assisted by former Reserve Bank Governor Gill Marcus, and veteran asset manager, Emmanuel Lediga. 

Among the 16 Terms of Reference the Commission must probe, is whether any alleged impropriety regarding investment decisions by the PIC in media reports in 2017 and 2018 contravened any legislation.

The Commission is probing whether PIC policy or contractual obligations resulted in any undue benefit for any of its director, or employee or any associate or family member of any director or employee at the time.