Inquiry into PIC has cost R25m so far, says Ronald Lamola
The commission of inquiry into the allegations of impropriety at the Public Investment Corporation (PIC) has so far cost R25m, justice and correctional services Minister Ronald Lamola revealed Friday.
The commission is still busy drafting its report which it is expected to submit to President Cyril Ramaphosa by the end of October.
Replying to a parliamentary question, Lamola said R7m was incurred in the 2018/2019 financial year and R17.7m so far in the 2019/2020 financial year. Compensation of employees for the time periods represent the highest cost at R5m and R9.5m, respectively. Expenditure on goods and services over the two years has amounted to R9m.
The inquiry, let by the former president of the Supreme Court of Appeal (SCA) Judge Lex Mpati, assisted by former Reserve Bank governor Gill Marcus and asset manager Emmanuel Lediga, was appointed in October 2018.
It was given the mandate to look into whether a director or employee of the PIC misused their position for personal gain; whether there was any impropriety regarding investment decisions; whether legislation or policies regarding the protection of whistle-blowers reporting corrupt activities were complied with; and whether discriminatory practices were followed with regard to the remuneration and performance awards of PIC employees.
The PIC has assets under management of about R2.1-trillion and manages assets on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund (UIF), the Compensation Fund, and other statutory funds.
In reply to another question in parliament early this year, Lamola revealed that the cost of running the inquiry into state capture under deputy chief justice Raymond Zondo was R356m, of which about R244.5m was incurred in the 2018/2019 financial year, and R111.5m up to August 31 2019.