The Inkatha Freedom Party (IFP) has asked South African president, Cyril Ramaphosa, to extend the dates of the commission of inquiry into the Public Investment Corporation (PIC) in order to possibly uncover some more “dodgy dealings.”
The IFP claims that it supports Ramaphosa’s announcement to establish a commission of inquiry into the Public Investment Corporation. However, the party has asked the president of South Africa to consider extending the dates of this inquiry in order to, “imbue confidence in the commission” and “possibly uncover more dodgy dealings.”
In their own words, “…the IFP NEC wishes to express its displeasure with the restrictive terms of reference set out by the president.”
The Inkatha Freedom Party has proposed that the terms of reference be set at 2008 until 2018 rather than the currently “restrictive” 2015 to 2018, thereby increasing the inquiry dates by a total of 7 years.
As the organisation said, “…it would be important to extend the terms of reference from 2015-2018 to 2008 – 2018, due to the number of investments and transactions made by the PIC that may have had an adverse effect on the PICs work…”
On 4 October 2018, Cyril Ramaphosa appointed a commission of inquiry into the PIC. This came after questionable investments were made on behalf of the Investment Corporation and impropriety allegations arose towards CEO, Dan Matjila.
The National Treasury stated in mid-August that, “The commission’s terms of reference will include a review of the PIC’s governance and operating model, possible changes to the PIC’s founding legislation and its Memorandum of Incorporation and investment decision-making framework.”