South Africa: PIC Assembles Crack Team to Investigate Individuals Implicated in Ill-Fated Deals

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An independent body has been established to assist the Public Investment Corporation's board and executive management in implementing recommendations of a commission of inquiry into the state-owned asset manager's governance affairs.

The Public Investment Corporation (PIC) has appointed former Constitutional Court Justice Yvonne Mokgoro to assist the state-owned asset manager to implement wide-ranging recommendations of a commission of inquiry into the PIC's governance affairs.

The PIC manages R2.13-trillion (a 2019 valuation) in government pension savings on behalf of the Government Employees Pension Fund (GEPF), and other social funds, including the Unemployment Insurance Fund and Compensation Fund.

PIC board chair Reuel Khoza said an independent body has been established, which will be led by Mokgoro, to assist the asset manager's board and executive management in implementing recommendations of the inquiry, which was headed by retired Supreme Court of Appeal judge Lex Mpati.

Mokgoro was a justice of the Constitutional Court from its inception in 1994 until the end of her 15-year term in 2009. Khoza said Mokgoro is assembling a panel of legal, forensic investigation and corporate governance experts for the independent body, which "will be a sounding board and guide" for the PIC's 15-member board.

"We are...

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