PIC inquiry appeals for information
THE sittings of the judicial commission of inquiry into allegations of impropriety at the Public Investment Commission (PIC) started in Pretoria yesterday.
The chairperson of the inquiry, former president of the Supreme Court of Appeal Justice Lex Mpati, appealed to individuals to come forward and submit evidence.
“The commission has sent out notices… inviting anyone with information relevant to the terms of reference to come forward, to assist the commission in its task,” Mpati said.
“Responses to that call have been received, but the invitation still stands. I invite any person with information that may be relevant to the commission’s terms of reference to contact advocate Setati, or the evidence leader advocate Jannie Lubbe. Their contact details are available on the commission’s website.”
He said there was a provision for the protection of witnesses’ identities.
“So people should feel free to come forward, and we give the undertaking that witnesses will be treated fairly, and with dignity at all times,” said Mpati.
The chairperson was flanked by his assistants – former South African Reserve Bank governor Gill Marcus and veteran asset manager Emmanuel Lediga. Last year, President Cyril Ramaphosa appointed the Mpati-led
commission of inquiry to probe the allegations of rot at the PIC. The PIC, the biggest asset manager in Africa, manages almost R2 trillion in government pension and other funds, has been mired in controversy with allegations of impropriety against its directors regarding some of its investment decisions.
Among the 16 terms of reference, the commission must probe whether any alleged impropriety regarding investment decisions by the PIC in media reports in 2017 and 2018 contravened any legislation.
The commission must also probe whether PIC policy or contractual obligations resulted in any undue benefit for any PIC director, or employee or any associate or family member of any PIC director or employee at the time.
Ramaphosa also wants the commission to probe whether investment decisions at PIC resulted from ineffective governance and/or functioning by the board, or whether any PIC director or employee used his or her position or privileges, or confidential information for personal gain or to improperly benefit another person. The president said the commission must, in its inquiry for the purpose of its findings, report and recommendations, consider the period of January 1, 2015, to August 31, 2018.
Ramaphosa gave deadlines, saying that it must submit an interim report to him by no later than February 15, and a final report by not later than April 15.