in a tailspin
Corporate cleanup at the PIC
The long-awaited report from the commission of inquiry into allegations of impropriety at the PIC opens the door to accountability at last — but implementation of its recommendations is key
A divided and conflicted board of questionable independence, dishonesty and material nondisclosure by CEO Dan Matjila, and a "systematic pattern of control, intimidation and victimisation" of staff. These are among the key findings of the judicial commission of inquiry into allegations of impropriety at the Public Investment Corp (PIC).
Measures are now promised to boost governance, hold those responsible to account — with potential criminal prosecution on the cards — and recover funds lost in dodgy deals at the R2-trillion asset manager, which oversees the assets of the Government Employees Pension Fund (GEPF).