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...

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