PIC to investigate one of its directors for corruption

While the commission of inquiry into allegations of impropriety at the state asset manager, the Public Investment Corporation (PIC) is continuing, more allegations of impropriety have emerged.

READ:Former PIC board member says board believed Gungubele

The PIC on Wednesday announced that it will be investigating one of its non-executive directors, Busisiwe Zulu for allegedly approving transactions worth over R6 billion for her live-in partner Lawrence Mulaudzi.

Monitoring the commission, EWN reporter Gia Nicolaides says the PIC held an urgent meeting on Wednesday night to address these allegations.

What they are saying is that they are going to investigate these new allegations against their board members including Zulu and their chairman Mondli Gungubele. These allegations came about from an anonymous email from a James Nogu.

Gia Nicolaides, Reporter - EWN

She adds that Nogu is a whistleblower who has been sending emails to the PIC board revealing various allegations, including corruption.

But in this particular email, he is talking about others specifically benefiting from the PIC. And of course, the conspiracy to capture the PIC and that is the reason why they held this board meeting.

Gia Nicolaides, Reporter - EWN

Nicolaides says suspended PIC executive Vic Seanie is testifying at the inquiry and has presented riveting testimony.

He is saying that he was shocked that he was suspended because he is a rather small player in a much bigger picture.

Gia Nicolaides, Reporter - EWN

The commission has adjourned until February because commissioner Lex Mpathi is unavailable for the next few weeks.

Listen below to the full interview:


This article first appeared on 702 : PIC to investigate one of its directors for corruption


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