President should urgently release PIC report – Alf Lees

DA MP says this will shed light on whether corporation is capable of making sound investments

President Ramaphosa should urgently release PIC report 

28 February 2020

The Democratic Alliance (DA) is calling on President Cyril Ramaphosa to urgently release the Public Investment Corporation (PIC) report submitted by the Commission of Inquiry appointed to investigate allegations of impropriety at the asset manager.

Allegations of a governance crisis at the PIC as a result of ill-thought investment decisions raised concerns about the security of pensioner funds under its management.

The much awaited report would help shed light on whether the PIC is still prudentially capable of exercising sound investment decisions to generate optimal returns for its public sector investors.

President Ramaphosa has an obligation to release the report as a matter of urgency to avoid further speculation that could further damage the little credibility that the PIC has left.

Issued by Alf Lees, DA Member of the Standing Committee on Public Accounts, 28 February 2020