President Ramaphosa agrees to set up PIC commission

Thursday, August 16, 2018

President Cyril Ramaphosa has agreed to set up a Commission of Inquiry into alleged improprieties at the Public Investment Corporation (PIC), the Ministry of Finance said on Thursday.

“Further to the statement of 25 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 the ministry.

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.

In July, Finance Minister Nhlanhla Nene issued a directive to the board of the PIC to commission a forensic investigation into the allegations against certain PIC executives.

On Thursday, the ministry said the names of the chair of the commission and the supporting team as well as the terms of reference of the commission will be announced in due course. –