PIC commission kicks off with employee testimony
Public Investment Corporation (PIC) employees will be the first witnesses at the PIC commission of inquiry which begins in Pretoria this week.
The commission was appointed by President Cyril Ramaphosa in October 2018 to investigate issues of impropriety by PIC employees and directors particularly during the period between January 2015 and August 2018.
The scope of the commission’s investigations will not be limited to the January 2015 to August 2018 period specified in the gazette given that the commission completes its work on time.
“The aim of these hearings is for the key employees to give the commission an overview of the applicable legislation, policies and various units of the PIC so as to lay the groundwork for later engagements,” said the commission in a statement.
The commission will be headed by former president of the Supreme Court of Appeal Justice Lex Mpati, who will be assisted by former Reserve Bank Governor Gil Marcus and investment banker and asset manager Emmanuel Lediga.
The state investment cooperation is the biggest asset manager on the continent controlling over R2-trillion in assets of which 98% are made up of state pensioners money and other state assets.
The state-owned asset manger has been mired in allegations of irregularities in its handling of investment procedures and governance processes which also implicate former CEO Dan Matjila.
The terms of reference include probes into whether PIC employees, board members or directors abused their position at the investment cooperation for their personal gains, whether policies regarding the protection of whistle-blowers were complied and if remuneration and performance bonuses were given out in a discriminatory manner.
Acting PIC secretary Wilna Louw will be the first witness to take the stand followed by the executive head of research Roy Rajdhar.
The commission is expected to provide its interim report by February 15 and a final report with recommendations by April 15..