Deadline for submission of PIC commission’s final report extended again

PRESIDENT Cyril Ramaphosa yesterday extended the deadline of the submission of the final report of the commission of inquiry into allegations of impropriety at the Public Investment Corporation (PIC) from October 31 to December 15.

In a statement, the Office of the Presidency said the extension was at the request of the commissioner of the inquiry, Judge Lex Mpati.

Ramaphosa appointed the commission on October 17, 2017 to look into allegations of impropriety at the PIC.

The commission has heard evidence from more than 77 witnesses over eight months, with some commentators noting a rather heavy focus on black-owned companies.

Some of the witness testimonies have not only given evidence leader advocate Jannie Lubbe sleepless nights, but have visibly irritated those conducting the inquiry, to the point where assistant commissioner Gill Marcus had a number of emotional outbursts, which even led to a widespread backlash on social media.

Lubbe set social media on fire when the then-PIC’s acting chief executive, Matshepo More, revealed to the commission that he called her to a private meeting to give her fatherly advice.

More said Lubbe advised her to request special leave, as she was implicated in the testimonies at the commission. More rejected his fatherly advice and opted to deal with the allegations against her at the commission.

As the commission drew to a close, former PIC chief executive Dr Dan Matjila urged it to dispel the perception that it exclusively looked at blackowned entities.

In his closing submission, Matjila said it had occurred to him that all the transactions that came under serious scrutiny were those that involved black participants. “It may just be my perception, but a very difficult one to dismiss, in view of the fact that we dealt with many mainly white-owned companies,” he said.

The companies that came under serious scrutiny included AYO Technology Solutions, Sagarmatha Technologies, Harith General Partners, Lebashe Investment Group, Tosaco Energy, Erin Energy, SNS Refineries, Mobile Specialised Technologies and Lancaster Group.

Lancaster owner Jayendra Naidoo was afforded a “cameo appearance” towards the end of the inquiry to share how the asset manager funded his transaction, largely described as a one-man show.