Inquiry to cast a wider net on PIC’s conduct
Commission says it is not restricted by time frames named in terms of reference
The commission of inquiry into the Public Investment Corporation (PIC), which will begin sitting on Monday, will have a wider scope than initially believed and is empowered to investigate any matter relevant to its work. The commission was established by President Cyril Ramaphosa in October following ongoing allegations of impropriety at the PIC. The corporation, which is the biggest and most influential investor in the country, manages government pension and other funds worth about R2-trillion. At the time the commission was established in 2018 there was widespread criticism that the narrow scope would prevent it from getting to the bottom of events at the PIC. The broader scope will allow the commission to look at deals that have not made it into the public eye or that took place before 2017. Over the years the PIC’s unlisted portfolio has become an important source of funding for black entrepreneurs, fuelling allegations that deal-making is influenced by political connections and...
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