PRETORIA – President Cyril Ramaphosa has extended the lifespan of the commission of inquiry probing allegations of impropriety at the Public Investment Corporation (PIC).
In a statement on Saturday, the commission of inquiry, headed by Judge Lex Mpati in Pretoria, said Ramaphosa had acceded to the commission’s request for an extension, with the new date of submission of the final report being July 31.
In accordance with its terms of reference, the commission submitted an interim report on February 15, and was scheduled to hand in its final report by April 15.
“In his interim report, submitted to the president on February 15, 2019, the chairperson of the commission, Justice Lex Mpati, requested an extension of three months. The motivation for the request is the extent of the ongoing investigations by the commission’s forensic team into a considerable number of transactions, which must be concluded well in advance of the date of submission of the final report to the president,” the statement said.
The terms of reference of the commission now include a new clause: “Whether the PIC has given effect to its clients’ mandates as required by the Financial Advisory and Intermediary Services Act and any applicable legislation.”