PRETORIA-- South African President Cyril Ramaphosa has agreed to set up a Commission of Inquiry into alleged improprieties at the Public Investment Corporation (PIC), Africa's largest fund manager, the Ministry of Finance said here Thursday.
Further to the statement of 25 July on the Public Investment Corporation's governance and related matters, the President has agreed to appoint a commission of inquiry into the alleged improprieties at the State-owned fund manager, the ministry said in a statement.
The commission's terms of reference will include a review of the PIC's governance and operating model, possible changes to the PIC's founding legislation and its Memorandum of Incorporation and investment decision-making framework.
In July, Finance Minister Nhlanhla Nene issued a directive to the board of the PIC to commission a forensic investigation into the allegations against certain PIC executives.
On Thursday, the ministry said the names of the chair of the commission and the supporting team as well as the terms of reference of the commission will be announced in due course.
The PIC, which is responsible for investing monies from the South African Government Employees Pension Fund (GEPF), among its various functions, has assets under management of close of two trillion Rand (about 136 billion US dollars).
Source: NAM NEWS NETWORK