Ramaphosa releases PIC report, finds 'substantial impropriety'
President Cyril Ramaphosa has released the report of the commission of inquiry into the Public Investment Corporation (PIC).
Ramaphosa set up the commission in 2018 following alleged mismanagement of funds at state-owned fund manager.
The commission wrapped up its work last year.
In its findings, the commission found there had been "substantial impropriety".
The 900-odd page document detailed findings against some current and former members of Africa's biggest asset manager, including allegations of corruption.
"The commission suggests that parties or former parties could have contravened laws dealing with issues such as corruption and bribery, protected disclosures, electronic interceptions and sections of the Companies Act. Criminal matters will be referred to the relevant authorities," the report reads.
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In the report, Ramaphosa adds that there was evidence that senior management failed to make decisions in a professional and honest manner.
Released on Thursday, the report recommends "urgent attention and action" by different state institutions, including the criminal justice system, Treasury and the reconstituted PIC board.
"The Commission recommends that the new Board should address the matter urgently and take corrective measures to rebuild confidence and trust in the PIC executive, Board and processes."
Ramaphosa releases PIC report, finds 'substantial impropriety' by Jacaranda FM News on Scribd