CAPE TOWN - The Mpati led commission of Inquiry into impropriety at the Public Investment Corporation (PIC) has been granted an extension till October.
This follows weeks of testimony by the asset manager's former CEO Dan Matjila.
Matjila told the Lex Mpati Commission, last week, that he felt the commission had only zoomed-in to a small portion of the company's non-performing investments and overlooked its successes.
Matjila said 98 percent of the PIC’s portfolio was doing “very well”.
“The main function of the PIC is to deliver asset management services to its clients, manage their port- folios and generate returns. In a big portfolio of about R2trillion, when you deliver out-performance for a client of 252 basis points on a five-year rolling number, then you're the best,” Matjila said.
News anchor Sanhaji Lotz and Independent Media's senior journalist Ayanda Mdluli unpack and give a quick analysis of the latest developments around Dan Matjila's testimony from the PIC Inquiry.
BUSINESS REPORT ONLINE