Parly commission forges further with draft PIC legislation



Although the detailed frame of reference for the study is yet to be announced, it will examine whether the PIC law should be amended – something that Parliament is already doing.

FILE: Chairman of Parliament's Portfolio Committee on Finance Yunus Carrim. Image: GCIS

CAPITAL CAPITAL – Parliament's standing committee on finance will continue with draft legislation aimed at tightening accountability and transparency at the Public Investment Corporation (PIC).

The committee is currently holding a commission law and the law of a private member of the democratic alliance (DA) who are both trying to change the 2004 law on public investment.

Chairman Yunus Carrim said that the work on the accounts will continue, despite last week's announcement from a committee of inquiry into governance issues on the PIC, but it could be a race against time.

Although the detailed frame of reference for the study is yet to be announced, it will examine whether the PIC law should be amended – something that Parliament is already doing.

Carrim said: "We will continue with our bills, both the private-law draft and the commission law, but do not vote on it and we will then look at what the committee proposes."

The question is whether this can be done before next year's elections.

Alf Lees van de DA says it is crucial that the PIC Act be strengthened before the term of this Parliament ends.

"There is a heavy cloud over the PIC – and that has been the case for a while."

Cosatu also urges the Parliament to continue and say that the inquiry committee can take years.

(Edited by Winnie Theletsane)


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