BusinessLive reports that Finance Minister Nhlanhla Nene says details surrounding the commission that will examine governance issues at the Public Investment Corporation (PIC) will be announced shortly.
"The terms of reference have been drafted, everything is now in place and the matter is now between the presidency and department of justice," Nene said, speaking at the inaugural Government Employees Pension Fund (GEPF) thought leadership conference, in Johannesburg on Monday. The PIC manages nearly R2-trillion on behalf of its largest client, the GEPF, which in turn administers a defined benefit fund on behalf of all government employees. The PIC has been the subject of heightened scrutiny following a number of allegations made concerning mismanagement of its funds, as well as accusations of impropriety against its CEO, Daniel Matjila. Nene has also instructed the board of the PIC to commission a proper forensic investigation into allegations made against certain PIC executives. This has not yet been completed.
- Read this report by Warren Thompson in full at BusinessLive
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