Our Mandate

The Commission of inquiry into allegations of impropriety regarding Public Investment Corporation (the Commission) was appointed by the President of the Republic of South Africa on 17 October 2018, under section 84(2) (f) of the Constitution. The appointment of the Commission was published in Government Gazette No. 41979, dated 17 October 2018, under Proclamation 30 of 2018. The President further appointed Honourable Justice Lex Mpati, the former President of the Supreme Court of Appeal, as Commissioner, assisted by Gill Marcus and Emmanuel Lediga.

The Commission is mandated to look into whether a director or employee of the Public Investment Corporation has misused their position for personal gain; whether legislation or policies regarding the protection of whistle blowers reporting corrupt activities were complied with; and whether discriminatory practices were followed with regard to the remuneration and performance awards of PIC employees, and has the mandate to examine and make recommendations on governance, structure of the PIC and any other matter that it deems warrants attention.

The Commission will consider the period between January 2015 and August 2018. The President has given the commission a deadline to submit an interim report by February 15, 2019 and to submit their final report to the President on the April 15, 2019.

Terms Of Reference

The Commission must enquire into, make findings, report on and make recommendations on the following:

Whether any alleged impropriety regarding investment decisions

by the PIC in media reports in 2017 and 2018 contravened any legislation, PIC policy or contractual obligations and resulted in any undue benefit for any PIC director, or employee or any associate or family member of any PIC director or employee at the time;

Whether any findings of impropriety following the investigation

in terms of paragraph 1.1 resulted from ineffective governance and/or functioning by the PIC Board;

Whether any PIC director or employee used his or her position or privileges, or confidential information

for personal gain or to improperly benefit another person;

Whether any legislation or PIC policies concerning the reporting of alleged corrupt activities

and the protection of whistle -blowers were not complied with in respect of any alleged impropriety referred to in paragraph 1.1;

Follow this link to view the full Terms of Refence for the Commission.


Media statement on the Release of the Report of the Judicial Commission of Inquiry into
Public Investment Corporation by President Cyril Ramaphosa, 12 March 2020

Report of the Judicial Commission of Inquiry into Allegations of Impropriety at the Public Investment Corporation
submitted to the President of the Republic of South Africa, His Excellency President Matamela Cyril Ramaphosa, as release on 12 March 2020


Commission of Inquiry into allegations of impropriety regarding the Public Investment Corporation applointed in terms of Proclamation No. 30 of 2018 published in the Government Gazette No. 41979 of 17 October 2018.

The public hearings are held at Old Council Chambers, Sammy Marks Building, Madiba St, Pretoria Central, Pretoria


All transcripts are in pdf PDF.

Follow this link to view all Hearing Transcripts.


All statements are in pdf PDF.

Follow this link to view all statements submitted to the Commission.


  • Act: Public Investment Corporation Act, 2004 (Act No. 23 of 2004) PDF
  • Terms of Reference:
  • Gazette: Public Investment Corporation Commission of Inquiry into allegations for impropriety regarding PIC, GG 42549, GoN 954, 27 Jun 2019
  • Regulations: Commissions Act: Commission of Inquiry into allegations for impropriety regarding Public Investment Corporation (English / Afrikaans), GG 42076, P 33 PDF, 03 Dec 2018
  • Rules of the Commission: Commissions Act: Commission of Inquiry into allegations for impropriety regarding Public Investment Corporation: Rules governing proceedings, GG 42157, GeN 12 PDF, 15 Jan 2019
  • Commissions Act: Commission of inquiry into allegations of impropriety regarding Public Investment Corporation (English/Afrikaans), GG 42384, P 21, 04 Apr 2019
  • Commission Act: Seat of Public Investment Corporation, GG 42506, GoN 849, 4 Jun 2019
  • The Commission will commence with its public hearings next week Monday, 21-23 January 2019. On the first day of the hearing the Chairperson, Justice Lex Mpati will open proceedings. All the evidence that will be led over the first three days will be from PIC employees.


Meet The Commission



Justice Lex Mpati


Justice Lex Mpati is a retired Justice and Justice Mpati began his legal career in 1985 and was admitted as an Advocate in 1989. He served as a Judge in the Eastern Cape High Court from 1997-2000.

He was appointed as a Judge of Appeal, first in an acting capacity, and in December 2000 as a full member of the Supreme Court of Appeal. He ascended to Deputy President of the Supreme Court of Appeal in 2003, and to President in August 2008.

He is also a member of the Judicial Service Commission.


Ms Gill Marcus

Assistant to the Commissioner

Gill Marcus was the ninth Governor of the South African Reserve Bank (SARB), the first woman to hold the position. She was elected a Member of Parliament in 1994 and became Deputy Minister of Finance from 1996 to 1999. In 1999 Gill was appointed as Deputy Governor of SARB, serving a five year term of office..  In 2007 she was appointed as non-executive chairperson of the Absa Group and Absa Bank. In July 2009 Gill was appointed Governor of  the South African Reserve Bankstepping down at the end of her five-year term in November 2014.

Ms Marcus has acted as chairperson of a number of South African regulatory and supervisory bodies, including the Financial Services Board and the Standing Committee for the Revision of the Banks Act. She has also served as a non-executive director of the Advisory Board of the Auditor General and was a member of the Millennium Labour Council. Gill joined the Glencore board in 2018 as an Independent Non-Executive Director. She has also founded a non-profit organisation focused on education, the Knysna Initiative for Learning and Teaching (KILT).



Mr Emmanuel Lediga

Assistant to the Commissioner

Also known as ‘’Chief’’ he has been a chief executive and chairman of companies that operated in institutional stockbroking, private clients’ portfolio management and asset management. He also founded Legae Securities in the 1990s, the first black stockbroking firm in SA.

He has more than 25 years of experience in investments and financial markets.
He has extensive experience in entrepreneurship, leadership, management and corporate governance having been a non-executive director and chairman of both listed and unlisted companies, including formerly being on the board of Nestle (South Africa).

He is currently a part-time lecturer in business strategy and digital transformations. He is also a non-executive director of companies and chairman of his company, Chieftains Consulting (Pty) Ltd that engages in BEE investments, SME private equity, strategy consulting and facilitation.


Adv Jannie Lubbe SC

Chief Evidence Leader

Advocate Lubbe studied law at the University of the Free State where he obtained his B Iuris in 1974 and his LLB from the University of South Africa in 1976. He was admitted as an advocate of the High Court of South Africa in May 1977. He served as the Chairperson of the Bar Council of the Society of Advocates Free State from 1996-1998 and was a part time lecturer at the Faculty of Law at the University of the Free State during the same period.

In December 1998 he joined the Special Investigating Unit as the Head Legal Consultant. During 2001 he joined KPMG as an Associate Director and served in this position until 2010 during which period he was involved in high level forensic investigations in South Africa, Lesotho, Swaziland and Namibia. He was appointed as an Extraordinary Professor in the Law Faculty Free State University, a position he still holds. He has a wealth of experience in conducting forensic investigations in the public and private sector. He Chaired the Commissions of Enquiry into Swaziland’s Office of the Attorney-General and Central Transport Department as well as the Commission of Enquiry into Motheo FET College Free State Province.He has a keen interest in sport and is a member of the judicial committee of SARU and also acts as a consultant to South African Institute for Drug Free Sport.


Adv Phuti Setati


Adv Setati has been seconded as the Secretary of the PIC Commission from the Department of Justice and Constitutional Development where he works as a Senior State Law Adviser in the Office of the Chief State Law Adviser. In 2015 he was appointed as the Secretary of the Presidential Remuneration Review Commission ( PRRC). The Commission was set up by the President to review the salaries and conditions of all government employees.

He was also appointed as the Secretary of the Marikana Commission in 2012. Before 2012, he worked on the Committee of Inquiry into the Underlying Causes of Instability and Conflict in the Minibus Taxi Industry in the Cape Town Metropolitan Area and the Desai Commission of Inquiry.

Get in Touch


PIC Commission

The Secretary, Advocate Phuti Setati

Armscor, Cnr. Delmas drive and Nossob street
Erasmuskloof Ext 4, Pretoria, 0001
Tel: 012 357 8890/ 082 808 3645
Email: piccommission@justice.gov.za
Media Enquiries: picmedia@justice.gov.za