STATEMENT: PUBLIC INVESTMENT CORPORATION COMMISSION OF INQUIRY WELCOMED

The FW de Klerk Foundation welcomes, with cautious optimism, President Cyril Ramaphosa’s appointment of a Commission of Inquiry into alleged impropriety at the Public Investment Corporation (PIC). The appointment of the Commission is an important affirmation of the President’s powers, as granted by the Constitution. The wide-ranging terms of reference include the investigation into various allegations of improprieties linked to PIC investments. It also extends to the conduct of past and present office-bearers and staff, including the functioning of its Board. Of concern though, is the limited temporal scope of the work of the Commission – from 1 January 2015 to 31 August 2018, which excludes from scrutiny, any questionable deals conducted in that period.



