Matjila quits PIC

Public Investment Corporation (PIC) chief executive Dan Matjila has resigned with immediate effect.

In a letter seen by the Mail & Guardian to PIC staff, the board resolved to install PIC executive director and chief financial officer Matshepo More as acting CEO.

“The Board wishes to state that Dr Matjila has over the years in various capacities, served the PIC with dignity and distinction. He has played an integral role in fulfilling the PIC’s vision of meeting and exceeding our clients’ mandates,” the letter reads.

The PIC is responsible for nearly R2-trillion in assets, with more than 98% belonging to government or its employees.

READ MORE: PIC’s Matjila wants a payout

In September, the M&G reported how Matjila had told senior ANC and government leaders of his intentions to ask the PIC his board to consider a golden handshake.Numerous sources said Matjila had broached the subject with high-level leaders in the ANC and government, but had been urged by some in the party to see out two investigations.There was a fear in the ANC that, if Matjila is forced out, he could reveal how senior ANC politicians benefited financially from the PIC, according to party insiders.


A forensic probe is underway and a pending commission of inquiry announced by President Cyril Ramaphosa is expected to expose information about the participation of ANC leaders in PIC transactions that could have a devastating effect on the party ahead of the 2019 national elections.

This is a developing story and will be updated as more details emerge.

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Kiri Rupiah
Kiri Rupiah is the online editor at the Mail & Guardian.
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