PIC probe gets an extension
The commission of inquiry into the Public Investment Corporation (PIC) has been extended by four months. President Cyril Ramaphosa granted the commission an extension with a final report expected on July 31 after an appeal by inquiry chairperson judge Lex Mpati in an interim report. “The motivation for the request is the extent of the ongoing investigations by the commission’s forensic team into a considerable number of transactions, which must be concluded well in advance of the date of submission of the final report to the president,” the commission said. The final report was initially expected to be submitted on April 15. The PIC invests more than R2-trillion on behalf of the Government Employees Pension Fund (GEPF) and other government social funds. Several of its investments as well as the conduct of its executives and directors are under scrutiny at the inquiry. The commission was established by Ramaphosa in October following allegations of impropriety at the PIC and is also c...
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