SOUTH AFRICA - PRETORIA - 25 February 2019. Deputy Minister of Finance Mondli Gungubele testifying at PIC Commission of Enquiry. Picture: Oupa Mokoena/African News Agency (ANA)
JOHANNESBURG -  The PIC Commission of Inquiry continues today in Pretoria. 

Today, the PIC board member Dudu Hlatshwayo will be first person to testify at the commission. 

Yesterday it was Deputy Finance Minister Mondli Gungubele’s turn to be quizzed.  The Board of the Public Investment Corporation (PIC), of which Gungubele is also the chairperson, is currently in limbo.  


If any decisions are made, the current members who have all asked to be relieved of their duties will not be held accountable in the near future for any decisions made at an institution that is responsible for close to R2 trillion worth of government pension funds.

The lack of accountability and the negative effects that this may have on the national fiscus formed part of Deputy Finance Minister Mondli Gungubele’s testimony during the PIC Commission of Inquiry, which is chaired by former Supreme Court Justice Lex Mpati.

Gill Marcus, the former Reserve Bank Governor, who is also assisting the commission, grilled Gungubele on the status of the board, after the mass resignation which followed damning allegations by whistle-blower James Noko (not his/her real name), and which implicated the deputy finance minister, board member Sibusisiwe Zulu, her live-in lover Lawrence Mulaudzi, current acting chief executive Matshepo More and board member Dudu Hlatshwayo.

Gungubele gave his testimony under oath at the Mpati Commission in Pretoria yesterday. The PIC Commission is investigating issues of impropriety and corruption that occurred over the last few years. Some directors have been accused of unduly benefiting in a series of dodgy deals involving Ascendis, technology group EOH, the infamous Steinhoff, as well as Karan Beef.