We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Finance minister Nhlanhla Nene has given a first indication of the shape the independent investigation into the Public Investment Corporation (PIC) will take, saying that it will look into its governance arrangements and founding legislation. His announcement indicates that the terms of reference will be narrowly defined and the investigation will not probe specific transactions. Nene announced in July that he would ask President Cyril Ramaphosa to establish an independent inquiry into the PIC following allegations that CEO Dan Matjila had misused PIC funds and that the board did not properly investigate before it cleared Matjila. Nene also asked the PIC board to conduct a forensic inquiry into the specific allegations made against Matjila, that he had provided corporate social responsibility funds to a project in which an alleged girlfriend acted as an agent. Matjila is also accused of soliciting a financial favour for the woman from a company the PIC had funded. The forensic inqui...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.