WATCH | Explainer: Why the inquiry into the PIC is important

President Cyril Ramaphosa on Wednesday announced that there would be a commission of inquiry into “allegations of impropriety” at the Public Investment Corporation (PIC).

It will be headed by Justice Lex Mpati‚ the former president of the Supreme Court of Appeal‚ assisted by Gill Marcus and Emmanuel Lediga.

The PIC manages government pension funds‚ among others funds.

Warren Thompson, Business Day and Financial Mail’s financial services writer, explains why the inquiry is important.