The Commission of Inquiry into the affairs of the Public Investment Corporation (PIC) resumes on Monday in Pretoria.
Last week it was revealed that the PIC board waited eight months to take action against irregularities relating to the R4,3 billion investments in media mogul, Igbal Surve’s Ayo Technology company.
The head of Internal Audit at the PIC, Lufuno Nemagovhani, says a routine internal audit performed in 2018 found irregularities in the deal.
Ayo Technology’s share price has dropped by almost 50% since the company was listed on the Johannesburg Stock Exchange.
The Corporation has been tasked to manage and invest over R2 trillion of state pensioners money.
Chairperson of the Commission Justice Lex Mpati will on Monday continue to hear evidence from other PIC employees about alleged corruption and mismanagement.
During proceedings last week the commission was also told 50% of the PIC Executive Committee staff are either suspended or have resigned. These include the Executive heads of Risk, Legal, Listed Investments, IT, the CEO and the Company Secretary.
The commission’s recommendations and final report are expected to be finalised at the end of April this year.
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