JOHANNESBURG - The Public Investment Corporation (PIC) Commission of Inquiry continues today in Pretoria.
Alvin Schiel continues with his testimony this morning. He is a Development Manager who deals with growth and development of property portfolio.
Court cases, perjury, maladministration, collusion, irregular payments, general distrust and a practical state of dysfunction, were some of the defining characteristics of the Public Investment Corporation (PIC) that was revealed so far at the PIC Commission of Inquiry in the week leading up to 11 March.
Testimonies from a number of PIC directors have outlined an institution that was plunged into crisis and into a state of dysfunction when the first emails from whistleblower James Noko first appeared.
The biggest revelation to date has been the PIC launching an Interdict against the Companies Intellectual Property Commission (CIPC) at the North Gauteng High Court in Pretoria in order to have a Compliance notice set aside, as the PIC believed that it would be virtually impossible to recoup R4.3 Billion from Ayo Technologies Limited (AYO) within the time frame stipulated as set out by compliance.
AYO has also launched its own court action challenging the compliance notice. In an in-depth affidavit to the court, AYO CEO Howard Plaatjes, made some startling revelations of how the PIC and the CIPC appear to have deliberately withheld the fact that a compliance notice was issued to the PIC compelling it to recoup the monies it had invested in AYO.