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Bloomberg reports that President Cyril Ramaphosa has granted the judicial commission of inquiry into the Public Investment Corporation (PIC) an extra three months in which to finish its investigation into allegations of wrongdoing at the pension fund asset manager.
The date by which the commission must submit its final report was moved to 31 July from 15 April, the commission said in a statement on Saturday. The commission, whose mandate was also broadened, is still probing a “considerable number of transactions” and hearing testimony from former and current employees into allegations of wrongdoing. The manager of more than R2 trillion in government workers’ pension funds has been wracked by allegations relating to questionable investments. Ramaphosa set up the commission in October after a whistle-blower pointed to wrongdoing. The PIC’s nine directors, including chairman Mondli Gungubele, who is also deputy finance minister, resigned in February and acting chief executive officer Matshepo More was suspended on 27 March.
- Read Felix Njini’s short report on the above at Moneyweb
- See too, Ramaphosa extends PIC inquiry to 31 July, at Business Report
Get other news reports at the SA Labour News home page