PIC inquiry grated 4-month extension as more evidence emerges

President Cyril Ramaphosa has granted the Commission of Inquiry into the Public Investment Corporation (PIC) a four-month extension and the new deadline for the report is the end of July.

Judge Lex Mpati requested an extension due to the size of the ongoing investigations into the considerable number of transactions at the PIC.

Read: Individuals had unfettered access to PIC funds, testifies Holomisa

Following reports of alleged poor governance, kickbacks and dubious investments at the state-owned asset manager, Ramaphosa approved the establishment of this inquiry in 2018.

Financial journalist at Business Day, Warren Thompson who is following the inquiry, speaks to Ray White on The Xolani Gwala Show.

He explains that certain sources watched the inquiry carefully before deciding to come forward.

They watched the initial exchanges and wanted to see how the judge ran this inquiry.

Warren Thompson, Financial journalist - Business Day

They wanted to see how the witnesses were being treated, he adds.

And whether they could, where necessary, obtain protection where they felt that they either might have their personal safety jeopardised or wanted to make submissions confidentially.

Warren Thompson, Financial journalist - Business Day

As the inquiry has progressed and sources feel secure about the process, more have come forward with further allegations.

And that requires the people that are subject to the claims also have a right to respond.

Warren Thompson, Financial journalist - Business Day

This has resulted in an extension being granted, where both new and old witnesses will be heard.

All the evidence will be incorporated into the final report to be submitted to President Ramaphosa by the commissioners.

Listen below to the full interview:


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