Ramaphosa: PIC report implicates senior managers in corruption
The commission of inquiry into the Public Investment Corporation (PIC) has made detailed findings against some current and former members of Africa's biggest asset manager, including allegations of corruption, President Cyril Ramaphosa said on Thursday.
BusinessLIVE reported that Ramaphosa released the report on Thursday afternoon. It will now be handed over to the National Prosecuting Authority and other authorities for further action.
“The commission implicates a number of individuals in wrongdoing,” said Ramaphosa. “The commission largely attributes improprieties to the PIC senior management for failure to manage decision making in a professional and honest manner, and failure to abide by due processes and relevant prescripts.
"The commission shows that the impropriety was worsened by the fact that the PIC board was not functioning well, and board involvement in investment decisions compromised their ability to exercise oversight over the PIC.”
The commission was appointed by Ramaphosa in October 2018.
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