President extends deadline for submission of PIC report

Tuesday, October 22, 2019

President Cyril Ramaphosa has extended the deadline for the submission of the final report of the Commission of Inquiry into allegations of impropriety regarding the Public Investment Corporation (PIC) from 31 October 2019 to 15 December 2019.

The extension is upon the request of the Commissioner of the Inquiry, Justice Lex Mpati.

The Commission was appointed by President Ramaphosa on 17 October 2017 to look into allegations of impropriety regarding the PIC.

According to the commission’s terms of reference, the inquiry is also tasked with establishing if media reports of impropriety against senior executives, which emerged in 2017 and 2018, contravened any legislation and policy of the firm, resulting in undue benefit for any director or their associates.

The commission is also investigating allegations of maladministration at the PIC, including matters of governance and certain controversial investment decisions. –