UDM leader Bantu Holomisa testified before the PIC Commission of Inquiry. Photo: Thobile Mathonsi/African News Agency (ANA)

PRETORIA – UDM leader Bantu Holomisa has warned the commission of inquiry looking into the Public Investment Corporation (PIC), not to rush its work if it wanted to get to the bottom of the allegations of impropriety within the institution.

Holomisa was yesterday testifying before the commission, which was appointed last year by President Cyril Ramaphosa and given six months to finish its work.

Holomisa’s testimony to the commission - chaired by Justice Lex Mpati - related to allegations of corruption and questionable transactions involving companies linked to former PIC executives and board members, which he said he received through anonymous tip-offs.

He said he could not verify the allegations he placed before the commission, as they needed “dig-work”, adding that the commission will need more time to do so.

“The information that I provided in my written submission is meant to assist the commission to get to the bottom of the allegations of corruption at the PIC. I certainly do not possess the tools to verify the information that was provided to me. It is only within the commission’s power to establish the veracity of the claims made by our anonymous sources,” Holomisa said.

Holomisa said Mpati, whose team is expected to hand over its final report to Ramaphosa next month, must prepare an interim report and ask Ramaphosa to extend the commission’s time-frame.

Mpati, however, indicated that he had already submitted an interim report to Ramaphosa, whose deadline was February in terms of the commission’s terms of reference.

Holomisa said Mpati must ask for more time nonetheless, as failure to do so would compromise the work of the commission.

“Of course, so far you have received information [to] the fact that all was not well at the PIC. That institution is at the ICU (intensive care unit) as we speak. You cannot be rushed, therefore, to meet a deadline of April, yet, you have not been given tools to effect your work. Don’t compromise yourself, please.

“It would be a pity and a waste of taxpayers’ monies if the information you are getting from the sources, which require further investigation that the government is not going to give you more time,” Holomisa said.