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Commission of Inquiry into PIC Deadline Extended

October 25, 2019

The Presidency

25 October 2019

The deadline for a final report by the Commission of Inquiry into the Public Investment Corporation (PIC) has been extended.

The presidency published Proclamation 55 amending the Commission’s term of reference in Government Gazette 42798.

The Commission of Inquiry was set up in October 2018 headed by Justice Lex Mpati, the former President of the Supreme Court of Appeal, and assisted by Gill Marcus and Emmanuel Lediga, to look into allegations of impropriety regarding the PIC.

Some of the issues the Commission must enquire into, make findings, report on and make recommendations include whether any alleged impropriety regarding investment decisions by the PIC contravened any legislation, PIC policy or contractual obligations and resulted in undue benefit; 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; whether all the investigations into the leakage of information and the source of emails containing allegations against senior executives of the PIC were justified; whether the PIC has adequate measures in place to ensure that confidential information is not disclosed and, if not, to advise on measures that should be introduced; whether there are discriminatory practices with regard to remuneration and performance awards of PIC employees and whether, considering its findings, it is necessary to make changes to the PIC Act, the PIC Memorandum of Incorporation in terms of the Companies Act of 2008, and the investment decision -making framework of the PIC, as well as the delegation of authority for the framework (if any) and, if so, to advise on the possible changes.

The Commission has been tasked to focus on the period 1 January 2015 to 31 August 2018.

The final report must now be submitted by 15 December 2019.