PIC under scrutiny as Scopa demands answers on irregular expenditure

By Banele Ginindza | Published 1h ago

The Public Investment Corporation faced tough questioning from Parliament's Standing Committee on Public Accounts regarding its management of unlisted investments for government pension funds. With nearly R1 billion in irregular and wasteful expenditure unresolved at the Compensation Fund, Scopa has scheduled another meeting for a full report on entities flagged by the Auditor-General. The PIC claims improved controls following the Mpati Commission recommendations, but committee members remain unsatisfied with the explanations provided.