President Cyril Ramaphosa has agreed to appoint a commission of inquiry into alleged improprieties at the Public Investment Corporation‚ the finance ministry said on Thursday.

The PIC is the main investor of government pension funds. It has been embroiled in multiple scandals. Recently‚ it emerged that PIC senior executives were allegedly paid bribes to invest in VBS Bank‚ with R1.5-billion from the collapsed bank now missing.

In July‚ Finance Minister Nhlanhla Nene said there would be a full forensic investigation into some of the PIC’s leaders.

On Thursday‚ the Ministry of Finance issued an update‚ announcing the president’s agreement to an inquiry.

“The commission’s terms of reference will include a review of the PIC’s governance and operating model‚ possible changes to the PIC’s founding legislation and its Memorandum of Incorporation and investment decision-making framework‚” the statement read.

“The names of the chair of the commission and the supporting team‚ as well as the detailed terms of reference of the commission‚ will be announced in due course.”