Picture: Thobile Mathonsi/African News Agency(ANA)
Picture: Thobile Mathonsi/African News Agency(ANA)

#PICInquiry: Commission set to report in 2 weeks

By Noni Mokati Time of article published Jul 13, 2019

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Johannesburg - In two weeks, the Commission of Inquiry into alleged wrongdoing at the Public Investment Corporation (PIC) is expected to submit a report to President Cyril Ramaphosa outlining its recommendations.

However, it seems time is running out for the commission. It was appointed in October to delve into financial mismanagement at the country’s largest asset management company.

In March, retired Judge Lex Mpati, who heads up the commission alongside assistant commissioner, former Reserve Bank governor Gill Marcus and investment banking expert Emmanuel Lediga, asked Ramaphosa if the commission can be given an extension to complete its large scope of work and Ramaphosa acceded to this.

But former PIC chief executive officer Dan Matjila, who took the stand last week and spent time revealing how operations had unfolded during his tenure at the organisation, is still due to carry on with his testimony where he will shed light on the investment transactions the PIC undertook with several companies.

The Government Employee Pension Fund, which the PIC invests funds on behalf of, is also due to make an appearance.

“ As it stands, we are still now due to give the report to President Ramaphosa at the end of the month,” the commission’s spokesperson Bomikazi Molapo said yesterday.

Molapo would not indicate whether the commission would meet the set deadline, or if any more witnesses would be called in adding: “We will only know next week.”

While he has been accused of running the PIC with an iron fist and being involved in approving dodgy deals by his former colleagues and some employees at the organisation, Matjila who was at the PIC for 15 years, used up his four days of testimony rejecting the allegations. He revealed that while he was at the helm, the PIC had performed exceptionally well and outperformed benchmarks set by clients.

He also implicated several senior government officials and ministers, highlighting how they had put pressure to meet their demands over who should be appointed at the board. He also said some high-profile business individuals wanted him to disregard due processes so that their companies can be approved for funding.

The commission resumes on Monday.

Political Bureau

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