Parliament, Friday, 13 March 2019 – The Standing Committee on Finance has noted and welcomed the report of the Judicial Commission of Inquiry into the Public Investment Corporation (PIC), which was released to the public by President Cyril Ramaphosa on Thursday afternoon.
Although it will still deliberate on the report, in order to ascertain those matters that will require its oversight, the committee has noted some pertinent recommendations.
Those recommendations include, among others, changes to laws governing the PIC, restructuring the board, as well as company’s operating systems, and a comprehensive review of the delegation of authority.
The committee will in its next sitting determine a suitable date on which the PIC, through the National Treasury, will be invited to brief the committee on their implementation plans for the recommendations.
On those elements raised in the report pointing to suspicion of a violation of the law and company policies, the committee calls on the relevant law enforcement agencies to swiftly consider possible prosecutions.
“After meeting with the National Treasury and PIC, we will then determine when it will be an appropriate time to invite the relevant law enforcement agencies for a status update,” said Mr Joe Maswanganyi, Chairperson of the committee.
ISSUED BY PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE STANDING COMMITTEE ON FINANCE, MR JOE MASWANGANYI
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