Individuals had unfettered access to PIC funds, testifies Holomisa

The Commission of Inquiry into the Public Investment Corporation (PIC) resumed in Pretoria on Wednesday with United Democratic Movement (UDM) leader Bantu Holomisa taking the stand.

Following reports of alleged poor governance, kickbacks and dubious investments at the state-owned asset manager, President Cyril Ramaphosa approved the establishment of this inquiry last year.

Read: Holomisa: 'PIC Inquiry needs to look at a number of questionable deals'

Financial journalist at Business Day, Warren Thompson who has been observing proceedings describes Holomisa as forthright in his testimony.

He was one of the key proponents of this commission of inquiry that is now being led by retired Judge Lex Mpati. He said that a number of individuals seem to have unfettered access to the PIC in order to access deals and funding as well as earning advisory fees.

Warren Thompson, Financial journalist - Business Day

He alluded to a number of people that South Africans will be familiar with including Jabu Maleketi a former chairman of the PIC who runs an investment company that has received billions of rands from the PIC to manage.

Warren Thompson, Financial journalist - Business Day

Mr Holomisa wants the commission to investigate how those investments have performed.

Warren Thompson, Financial journalist - Business Day

Listen below to the full interview:


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