SA President Cyril Ramaphosa. File picture: ANA

Durban - President Cyril Ramaphosa will appoint a commission of inquiry to investigate the scandal-plagued Public Investment Corporation (PIC), it was announced on Thursday afternoon.

The PIC invests government pensions and handles assets worth about R1.928 trillion. It is one of the biggest known funds on the African continent.

“Further to the statement of 25th of July on the Public Investment Corporation’s governance and related matters, the President has agreed to appoint a commission of inquiry into the alleged improprieties at the state-owned fund manager,” said a short statement issued by the ministry of finance.

“The commission’s terms of reference will include a review of the PIC’s governance and operating model, possible changes to the PIC’s founding legislation and its Memorandum of Incorporation and investment-decision making framework,” said the statement. 

The names of the commission chair and supporting team, as well as the detailed terms of reference, would be announced “in due course”. 

The PIC and its head, Dan Matjila, have long been accused of “investing” in finance deals that are not profitable or scrupulous. The PIC board recently cleared Majila after allegations were made that he awarded a PIC loan to a company linked to his alleged girlfriend.

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African News Agency (ANA)