Nene announces plans to establish inquiry into the PIC

Finance Minister Nhlanhla Nene has appointed an independent inquiry to look into the affairs of the Public Investment Corporation (PIC) and has directed the board to commission an investigation into certain PIC executives.

Nene met with the board on Wednesday to discuss governance issues at the state-owned fund manager.

The inquiry comes in the wake of a raft of corruption allegations against its CEO Dan Matjila and several top executives.

Treasury Spokesperson Jabulani Sikhakhane says the full details of the inquiry will be released soon.

The forensic investigation is fairly specific, it deals with the allegations against certain PIC executives and the idea is to look into those, see if there is any substance to them and decide the way forward thereatfter.

Jabulani Sikhakhane, Treasury Spokesperson

The independent inquiry will look into a much broader set of issues relating to the governance of the PIC.

Jabulani Sikhakhane, Treasury Spokesperson

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