United Democratic Movement leader Bantu Holomisa has welcomed President Cyril Ramaphosa‘s appointment of a commission of inquiry into the alleged improprieties at state-owned fund manager the Public Investment Corporation, saying it’s long over-due.

The National Treasury said in a statement that the commission’s terms of reference would include a review of the PIC’s governance and operating model and possible changes to its founding legislation.

The names of the chairperson of the commission and the supporting team will be announced in due course.

The announcement comes three weeks after Finance Minister Nhlanhla Nene informed the PIC’s board of an independent inquiry into the corporation’s governance.

The PIC invests on behalf of the large Government Employee Pension Fund and four smaller state-run funds, including the Unemployment Insurance Fund. It oversees roughly two-trillion-rands’ worth of assets.