The Congress of South African Trade Unions (Cosatu) on Friday welcomed the establishment of a commission of inquiry into allegations of impropriety at the Public Investment Corporation (PIC) but at the same time warned it should lead to criminal prosecution and jail time for those implicated in wrongdoing.

"We are tired of commissions that have endlessly dragged on, consumed exorbitant fees and produced fancy reports that have said little than what we already knew. We simply want to see those who have looted being relocated to prison, their assets seized and stolen monies returned to the state," Cosatu said in a statement.

"To date we cannot recall a single crook that has been locked up as a result of these expensive commissions of inquiry. It’s time for government and its law enforcement organs to act on these commissions and send these looting brigades to prison."

The trade union federation said it had taken too long for the commission to be set up. 

"This lethargy is part of the reason why government is in such a mess."

President Cyril Ramaphosa announced on Wednesday that the former president of the Supreme Court of Appeal, Justice Lex Mpati, will be the inquiry's commissioner assisted by former Reserve Bank governor Gill Marcus, and veteran asset manager, Emmanuel Lediga.

The PIC is the biggest asset manager in Africa and manages almost R2-trillion in government pension and other funds.