Former PIC CEO Matjila could face Hawks probe

Former Public Investment Corporation (PIC) CEO Dan Matjila has distanced himself from businessman Kholofelo Maponya, who has been using the weight of Matjila’s office to try an extract irregular payments of close to R100 billion in transaction origination fees.

Dan Matjila, who resigned as CEO of the Public Investment Corporation (PIC) last year, told a judicial inquiry into alleged wrongdoing at the money manager that politically connected people had tried to tap into the more than 2 trillion rand ($141 billion) of funds that it oversees.

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The former CEO of the Public Investment Corporation could face a Hawks probe. Dan Matjila has been linked to several damning allegations relating to a deal with SA Home Loans. Courtesy #Dstv403.

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Former Public Investment Corporation (PIC) CEO Dan Matjila has distanced himself from businessman Kholofelo Maponya, who has been using the weight of Matjila’s office to try an extract irregular payments of close to R100 billion in transaction origination fees.

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The PIC could face legal action from Matjila if it fails to reach an agreement with him, as the CEO claims that his relationship with the board has broken down and that he has been constructively.

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On Tuesday, former pic ceo dan matjila defended the PIC’s decision to invest in Steinhoff, saying that while it could have bought the shares on the open market and not through Naidoo, that would not have come with the special privileges of board representation.

Mondli Gungubele, the former deputy finance minister and chairman of the PIC, hasn’t responded to phone calls and text messages about the Edcon deal.Matjila’s departure from the PIC “occurred in the context of an avalanche of allegations of serious looting, indefensible investments costing billions of rand and a complete collapse of good governance at the PIC” and the labor federation only got involved.

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