ANC treasurer-general Paul Mashatile says he has been vindicated by the report of the judicial commission of inquiry into allegations of impropriety at the Public Investment Corporation (PIC).

This is in relation to allegations of corruption and impropriety made against him regarding the Karan Beef transaction.

“Throughout the proceedings of the commission, we took a principled decision not to comment on these allegations, preferring rather to give the commission ample space to do its work,” said Mashatile. “Now that the commission has completed its work and made its findings public, we believe the matter is closed,” he said.

Whistleblower James Noko alleged that Mashatile was the beneficiary of a multibillion- rand deal with Karan Beef in which the PIC had invested.

The report, released by President Cyril Ramaphosa on Thursday, found  these allegations had not been substantiated and therefore had no substance.

“Consequently, no finding of impropriety in the investment decision in the Karan Beef transaction can be made,” read the report.

The PIC commission, headed by Judge Lex Mpati, submitted an almost 1,000 page report which detailed impropriety, abuse of power and malfeasance. 

The commission was scathing about former PIC CEO Dan Matjila, and called out his complete disregard for transparency.

"The commission found there was both impropriety and ineffective governance in a number of investments. This was compounded by the dishonesty of and material non-disclosure by Dr Matjila, both during his evidence at the commission and in decision-making processes regarding various transactions."

Mashatile said he hoped the PIC would continue to play a leading role in supporting South Africa’s development efforts.

The PIC invests pension funds on behalf of state employees.