PIC Inquiry: So Far No Evidence Of Dubious Activities

The PIC Inquiry underway.

The commission of inquiry investigating the Public Investment Corporation (PIC) has seen the three witnesses called to testify so far denying seeing any dubious activity in their departments at the PIC.

Former Supreme Court of Appeal President Judge Lex Mpati is heading proceedings in Pretoria.

Two more witnesses will be called to the stand on Tuesday morning.

The first witness to be called on day one of the inquiry was acting PIC secretary Wilna Louw who gave details about appointments to the board and committees at the PIC.

She also explained the nature of the corporation and the application of the Companies Act.

“The PIC as a state-owned entity is governed by the following laws: the Public Investment Corporation Act 2004, the Companies Act 2008 and we were registered under the Companies Act.”

Louw was followed by executive head of impact investment Roy Rajdhar, who testified about the investment application process. He told the commission that they had introduced a special task team to ensure accuracy when investing.

And then the executive head of research and project management Sholto Dolamo told the commission that his department provides research to inform investment decisions.

There’s been no evidence of wrong-doing yet.