The commission of inquiry into affairs at the Public Investment Corporation (PIC) will start…

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The commission of inquiry into affairs at the Public Investment Corporation (PIC) will start…

The commission of inquiry into affairs at the Public Investment Corporation (PIC) will start this morning in Pretoria. The commission was established by President Cyril Ramaphosa last year to examine governance, corruption and mismanagement issues at Africa’s largest asset manager since 2015. The PIC has been marred by corruption allegations in the past two years with the former CEO Dan Matjila at the centre of the controversy over poor governance. The commission’s terms of reference predominantly focus on whether the investment decisions made by the PIC flouted any policy or law, or benefited a select few. The commission is also expected to probe questionable investments by the PIC, such as its more than 25-percent shareholding in the embattled VBS Mutual Bank, among others. The PIC manages 2-trillion-rand in government pension and other funds.


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