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 Public Investment Corporation (PIC) Commission resumes on 25 February 2019 in Pretoria. 

The first witness appearing before the commission today is the South African d eputy finance Minister and chariman of the PIC board, Mondli Gungubele.

Gungubele began his testimony describing his first few days as the chairman of the PIC as "dramatic", saying that before he could even introduce himself to the team, he was requested to report on the allegations around former CEO Dan Matjila

The commission was initiated when United Democratic Movement (UDM) leader Bantu Holomisa requested President Cyril Ramaphosa to investigate transactions involving the PIC dating back to 2015 under former chief executive Dan Matjila’s tenure.

When Holomisa called for the establishment of the commission, a series of major transactions were laid bare and since the commencement of the commission, it has become increasingly important to highlight the full list of transactions including rather nitpicking for convenience.

The PIC is one of the largest asset managers looking after the South African government's public funds. The biggest client of the PIC is the Government Employee Pension Fund (GEPF), which constitutes approximately 90 percent of its fund under management.

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The GEPF is guaranteed by the South African Government. Any instances of malfeasance or corruption from the PIC are detrimental to members of the fund and the national fiscus.

Currently, as things stand, the commission has ignored the fact that the PIC board was fired by the Minister of Finance Tito Mboweni a few weeks ago after a showdown with his deputy Mondli Gungubele at an ANC NEC meeting.

Gungubele and the rest of the board have since offered to resign after they were implicated in a series of corruption scandals by whistle-blower James Noko, who mentions board members Sibusisiwe Zulu and her live-in lover Lawrence Mulaudzi.

The board’s widely circulated resignation letter has since been dismissed by experts and industry analysts as "grandstanding".

James Noko also referred to an attempt by Gungubele and Zulu to participate in PIC transactions. Gungubele has since denied that he is involved in any transactions.

- BUSINESS REPORT ONLINE