Finance Minister Nhlanhla Nene will set up an independent inquiry into the affairs of the Public Investment Corporation and has instructed its board to conduct a forensic investigation into CEO Dan Matjila and chief financial officer Matshepo More. Nene’s announcement on Wednesday follows almost a year of instability at the PIC, during which its board has been at odds over how to deal with corruption allegations against Matjila. The announcement is the first decisive action taken by government to stabilise the PIC, which acts as asset manager for nearly R2-trillion in government pension and other funds. It came after a lengthy meeting between Nene and the PIC board earlier in the day. Nene said more details on the inquiry, including the name of its head and terms of reference, would be announced “in due course”. While the inquiry will report to Nene, it is the board that on the basis of a directive from Nene must run the forensic investigation into Matjila and More, who was possibly...

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