Ramaphosa grants PIC Commission a second extension | Fin24
 
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Ramaphosa grants PIC Commission a second extension

Jul 26 2019 16:01
Lameez Omarjee, Fin24

President Cyril Ramaphosa has granted the PIC commission of an inquiry an extension to submit its final report by October 31.

This is according to a government gazette issued on Friday. The commission, led by Judge Lex Mpati is investigating allegations of impropriety at the PIC, which manages R2trn in state funds.

This is the second extension the commission has been granted. The commission initially was meant to submit a final report by April 15, 2019, but Ramaphosa granted it an extension to July 31.

In the latest gazette, the president has allowed the commission to prepare a final report by October 31.

So far there have been more than 70 witnesses, including former boss Dan Matjila who has told the commission he was ousted for political reasons.

Matjila has also provided evidence relating to various investments the PIC made, among the most prominent ones are Steinhoff, VBS Mutual Bank, AYO Technology Solutions - linked to businessman Dr Iqbal Survé and S&S Refineries - linked to former finance minister Nhlanhla Nene's son.

While the commissioners have questioned some of the PIC's investment choices, especially those which have failed, Matjila said overall the PIC's investment portfolio has outperformed benchmarks and that the diversified nature of the portfolio helped withstand losses from underperforming investments.

His testimony is ongoing and resumes on Monday.

Meanwhile Finance Minister Tito Mboweni has appointed an interim board at the investment corporation. The board elected Dr Reuel Khoza as its chairperson and Sindi Mabaso-Koyane as deputy chairperson. The board's term ends in July 2020.

Mboweni has tasked the new leadership to focus on corporate governance.

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