JOHANNESBURG: PIC has announced President Cyril Ramaphosa’s decision to appoint a commission of inquiry into the alleged improprieties at the state-owned fund manager.
This follows several issues including, more recently the PIC’s reported involvement in the collapse of VBS Mutual Bank, accusations against CEO Dan Matjila’s misuse of funds, as well as the resignation of the executive head of legal counsel governance and compliance Ernest Nesane amid allegations of improper conduct.
Speaking to a Johannesburg-based Talk Radio, Treasury spokesperson Jabulani Sikhakhane says further details on who will chair the commission, as well as the terms and reference, will be announced by Finance minister Nhlanhla Nene soon.
“He [Ramaphosa] instructed PIC’s board of directors to institute forensic investigations to the allegations against two senior executives of the PIC. The second step was to announce an inquiry into the governance and other related issues at PIC,” explains Sikhakhane.