Rhodes University Chancellor and former Supreme Court of Appeal president, Justice Lex Mpati, has been appointed to lead a judicial commission of inquiry into the Public Investment Corporation (PIC).
The PIC, one of the largest investment managers in Africa today with assets of over R2 trillion including government employees’ pensions, has for some time been a subject of repeated allegations of impropriety.
Following his appointment, Judge Mpati acknowledged the “daunting nature of the task ahead. I am looking forward to playing my part as expected by the country and the President. I plan on giving this task my full attention”, he said.
The commission will have six months to investigate the allegations and report its findings and recommendations. It is expected to hold its first meeting early next month.
Former Reserve Bank Governor Gill Marcus and banker Emmanuel Lediga will work with Judge Mpati in the Commission.
Their inquiry into the PIC will look at governance issues, but also a range of investment decisions, whether they were above board and whether they led to anyone unduly benefiting.
The Commission’s final report is expected in April 2019.
Judge Mpati joins a group of outstanding individuals from Rhodes University who have been hand-picked this year to serve on various important commissions.
Council Chairperson, Mr Vuyo Kahla, was appointed in May to form part of a commission of inquiry into the tax administration and governance at SARS. Mr Kahla is assisting retired Judge Robert Nugent, who is heading the inquiry.
In June, Political and International Studies Senior Lecturer, Dr Siphokazi Magadla, was elected as part of a high-level review panel into the work of the State Security Agency (SSA). The panel, chaired by former minister Dr Sydney Mufamadi, is assessing the mandate, capacity and organisational integrity of the SSA.
“Rhodes University congratulates our Chancellor uTat’ uMpati and is proud to be associated with these remarkable individuals. The work we do, the capacity at our disposal and the quality we produce at the University belongs to South Africa as a whole. We have committed to continue contributing in a small way to our local municipality, Province, our country and to the world for the improvement of humanity. These important invitations to some of our own to serve our nation in these important national assignments give substance to our slogan that ours is indeed a university where leaders learn. We are immensely proud in each and every one of them,” said Vice Chancellor, Dr Sizwe Mabizela.