PIC commissioners (from left to right) Gill Marcus, Lex Mpati, Emmanuel Lediga. Picture: WARREN THOMPSON
PIC commissioners (from left to right) Gill Marcus, Lex Mpati, Emmanuel Lediga. Picture: WARREN THOMPSON

President Cyril Ramaphosa has agreed to grant yet another extension to the Public Investment Corporation (PIC) commission to submit its final report.

The commission now has until December 15 to complete and submit its report. 

The extension was requested by commission leader, retired Supreme Court of Appeal (SCA) judge, Lex Mpati, and is the third extension since the commission began hearings in Tshwane earlier in the year. The commission was previously expected to file its report by the end of October. 

The commission was forced to bolster its forensic team as more allegations of impropriety surfaced during the course of the hearings, which ran from January to August. This saw the number of deals being investigated snowball from a handful to almost 40.

A number of senior executives have already been suspended or dismissed from the PIC for questionable conduct. Former CEO Dan Matjila resigned under a cloud in November 2018; while CFO Matshepo More was placed on suspension earlier in 2019. 

Under its terms of reference, the commission is tasked with looking into allegations of impropriety at the state-owned asset manager, as well as making recommendations on the organisation’s optimal corporate structure and operation.

thompsonw@businesslive.co.za