South African President Cyril Ramaphosa has has agreed to appoint a commission of inquiry into the alleged improprieties taking place at the Public Investment Corporation’s (PIC).
The PIC is a state owned asset manager which administers assets valued at more than R1 trillion including those of Government Employees Pension Fund (GEPF).
The presidential decision was announced in a statement released by the National Treasury today. The statement said the terms of reference of the commission of inquiry “will include a review of the PIC’s governance and operating model, possible changes to the PIC’s founding legislation and its Memorandum of Incorporation and investment decision-making framework. The names of the chair of the commission and the supporting team, as well as the
detailed terms of reference of the commission, will be announced in due course.”