UDM welcomes PIC commission of inquiry
Updated | By Neo Motloung
President Cyril Ramaphosa has agreed to set up the commission of inquiry into the alleged mismanagement of funds at state-owned fund manager the Public Investment Corporation (PIC).
PIC has come underfire over controversial investment decisions.
The government investment body oversees about R2 trillion worth of state assets.
The leader of United Democratic Movement (UDM) Bantu Holomisa, who has levelled allegations of fraud and corruption against individuals and companies involved with the PIC, has welcomed the decision by Ramaphosa to institute the inquiry.
However, adds that it is frustrating that the details of the commission are yet to be finalised.
"They have been saying this for the last three weeks. It would appear that could be months from now," says Holomisa.
He adds the delaying tactic may give those who are guilty of committing the crimes to get rid of the evidence.
Holomisa says the party rejects the suggestion that the PIC board, including its CEO Dan Matjila, should appoint the forensic company to investigate the matter.
"It is the very same board that has stated that there's nothing wrong with the PIC."
Matjila has been accused of allegedly paying R2 billion to several businesspeople, with close ties to the PIC, without permission from the board.
Holomisa is adamant that the National Treasury or the soon to be appointed commission of inquiry should appoint the forensic company.
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