Sun. Jan 19th, 2020

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Ramaphosa To Meet With PIC Commissioners After Final Report Submission

President Cyril Ramaphosa will meet with the commissioners of the Public Investment Corporation (PIC) inquiry after they submission their final report on Monday.

The commission started its work in January this year looking into allegations of impropriety at the PIC.

The PIC is Africa’s largest asset manager with assets worth more than R2 trillion. It’s owned by the state and the biggest chunk of its portfolio is the Government Employees Pension Fund.

The commission’s final report was expected to be completed and submitted by the 15 April, but head commissioner Judge Lex Mpati requested a three-month extension citing ongoing investigations into a considerable number of transactions by the forensic team.

Ramaphosa gave them until the end of July but it became clear that that deadline would also not be met as former PIC CEO Dr Dan Matjila had only just taken the stand.

The commission requested another extension this time to the 31 October. That deadline was also not met and the president granted another extension to 15 December.

“The president will study the report. He is also scheduling a meeting with the former judge who chaired the commission,” said Presidency spokesperson Khusela Diko.

Diko said the president would only announce the resolutions after meeting with the PIC commissioners.

EWN