Nearly a month has passed since Ramaphosa promised to make public the conclusions of the Mpati commission
A commission of inquiry led by former president of the Supreme Court of Appeal judge Lex Mpati, into allegations of governance flaws and misuse of funds at the Public Investment Corporation , submitted its investigation report to President Cyril Ramaphosa in December 2019.
Earlier this week, the PIC said it had fired Fidelis Madavo, the manager of the listed equities division that ultimately oversaw the ill-fated R4.3bn investment in Iqbal Surve’s Ayo Technology Solutions, for “gross misconduct”. Former PIC CEO Dan Matjila has defended both transactions, saying the money pumped into Ayo could still be recovered as the tech outfit could embark on an acquisition drive that could lead to the resurgence of the share price.
We hope Mpati, with the help of former Reserve Bank governor Gill Marcus and investment industry veteran Emmanuel Lediga, has gone through the extensive testimony with a fine tooth comb to separate fact from fiction, and the wheat from the chaff. We will not know which is which until Ramaphosa makes the report and its recommendations public.
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