'PIC has been questioned many times. Reorganised, we can do better'

The commission of inquiry into the Public Investment Corporation (PIC) got underway on Monday, 21 January 2018. Picture: SABC Digital News/youtube.com

The Public Investment Corporation (PIC) on Monday suspended its Head of Resources, Fidelis Madavo, with immediate effect.

His suspension follows an internal audit after reports of impropriety and dubious investments at the PIC.

Madavo’s suspension is with regards to the Ayo transaction, a controversial R4.3 billion payment to fund the Iqbal Survé-controlled technology company.

Meanwhile, Madavo has continued with his testimony on the second day of the PIC inquiry, despite his suspension.

The Money Show’s Bruce Whitfield interviewed PIC Chairperson Mondli Gungubele.

Listen to the interview in the audio below (and scroll down for quotes from it).

We’re running an institution that has been questioned several times… I had to commission an inquiry…

Mondli Gungubele, Public Investment Corporation

It is so credible. We’re unashamed to give it to the commission…

Mondli Gungubele, Public Investment Corporation

We appreciate that the President put together this commission of inquiry.

Mondli Gungubele, Public Investment Corporation

Reorganised… the PIC can do better…

Mondli Gungubele, Public Investment Corporation

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