Ramaphosa sets terms for new PIC inquiry
Judicial inquiry to probe fund manager’s transactions, directors and staff
President Cyril Ramaphosa on Wednesday published broad-ranging terms of reference for the judicial inquiry into the Public Investment Corporation (PIC), which he said will be headed by retired judge Lex Mpati. Mpati is the former president of the Supreme Court of Appeal and will be assisted by former South African Reserve Bank governor Gill Marcus and prominent investment banker and asset manager Emmanuel Lediga. The PIC, which manages R2-trillion in government pension and other funds, is the largest asset manager on the continent. However, it has been at the centre of persistent and continued negative reports over the past two years about alleged improprieties regarding investments and the conduct of its office bearers and employees. The terms of reference have been expected since July when the inquiry was first announced. Of particular significance is their broad reach, beyond matters of governance only to an instruction to the commissioners to probe various controversial transact...
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