Ramaphosa grants extension for PIC report submission

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President Cyril Ramaphosa has granted the Commission of Inquiry into the Public Investment Corporation (PIC) an extension to submit its report. The PIC final report was scheduled to be released next month but will now be released on 15 December.

The extension was requested by the commission’s chair Justice Lex Mpati. The commission has heard evidence from 77 witnesses.

Justice Mpati says they might have to bolster their forensic team as more evidence comes to light.

Last year President Cyril Ramaphosa established the PIC commission to investigate “the veracity of alleged improprieties” with the aim of restoring confidence in the corporation. The PIC is important as it is tasked with managing R2 trillion worth of assets for more than 98 % of government employees.

Many senior executives at the PIC have already been suspended pending the outcome of the report.  It is also unclear if the recent raids at Sekunjalo Chair Iqbal Surve’s office have anything to do with the delay in the final report.

Click here link to watch PIC Comission testimonies