ANC WELCOMES PIC ENQUIRY

The ANC welcomes the decisive action by President Ramaphosa on the announcement of a Commission of Enquiry on the Public Investment Corporation (PIC), to investigate alleged improprieties at the state-owned fund manager. The PIC is entrusted with management of public sector workers’ pension fund, therefore it is a strategic institution for investment and economic growth.

The ANC believes that the review process of the PIC should not disrupt the institutional stability of the entity, while granting an opportunity for the commission to interrogate the PIC’s governance and operating model, possible changes to its Memorandum of Incorporation and investment decision making framework.

Statement issued by the African National Congress, 17 August 2018