SOUTH AFRICA - PRETORIA - 26 February 2019 - Advocate Jannie Lubbe and Gugu Hlatshwayo at the PIC Commission of Enquiry. Picture: Oupa Mokoena/African News Agency (ANA)
JOHANNESBURG -   Today is the third day of the commission of inquiry into the embattled Public Investment Corporation. 

Day two of the commission of inquiry into the PIC saw board member Dudu Hlatshwayo nullify Deputy Finance Minister Mondli Gungubele’s testimony of Monday, with her revealing gross inaccuracies and contradictions in his statements.

Hlatshwayo told the commission’s chairperson, former Supreme Court Justice Lex Mpati, that when Gungubele took over as PIC chairperson he allegedly embarked on a reign of terror, undermining and alienating half the PIC board to ensure the ousting of former chief executive Dan Matjila, even when he was cleared by the Budlender report.


Hlatshwayo said that since whistle-blower James Noko’s emails first surfaced, and the subsequent arrival of Gungubele at the PIC, the asset managers had descended into a perilous state of dysfunction and theirs had become a toxic environment full of conspiracies and rumour-mongering following the departure of Matjila.

Testimony presented on Monday indicated that the PIC board was in limbo and incapacitated in its decision-making following the en-mass resignation of all nine board members in angst against damning allegations linking them to corruption.

Further testimony revealed that the PIC was hostile and had become inefficient.