SOUTH AFRICA - Pretoria 21/01/2019 . Gill Marcus, Justice Lex Mpati and Emmanuel Lediga at the Commission of Inquiry into PIC. Picture: Jacques Naude/African News Agency/ANA
JOHANNESBURG - The third and final day for this week of the Public Investment Corporation's (PIC) commission of inquiry is underway in Pretoria. 

The Inquiry started the day with the executive head of internal audits at the PIC, Lufuno Nemagovhani began giving testimony. Nemagovhani has been with the PIC since 2015.

Yesterday the evidence leader at the inquiry investigating the Public Investment Corporation (PIC), Advocate Jannie Lubbe, SC accused the asset manager's board of running a parallel investigation and requested the chairperson of the board be called to explain. 

Lubbe told the commission of inquiry set up by President Cyril Ramaphosa to probe allegations of impropriety at the PIC, chaired by the Supreme Court of Appeal judge president Lex Mpati, that the board has suspended executive head responsible for Listed Investments, Fidelis Madavo, on the eve of his appearance at the inquiry being held in Pretoria. 

“I put it on record that I find it strange and alarming that the PIC board is running a parallel investigation into matters covered in particular with the terms of reference of this commission. I will later make further submissions in this regard but my view, with respect, is that it is totally improper,” said Lubbe. 

“It may be necessary, even at an early stage to consider calling the chairperson of the board to come and explain to the commission why this is happening. Notwithstanding all this, Mr Madavo is here and has informed me that he is ready to testify.” 

Lubbe said the conduct of the PIC board was “totally improper”.