Gungubele: PIC inquiry to go ahead

The departure of the Public Investment Corporation CEO Dan Matjila will not hinder the commission of inquiry tasked with probing allegations of maladministration at the institution, board chairperson Mondli Gungubele has said.

Matjila resigned on Friday amid allegations of poor governance that have dogged the continent’s largest asset manager in recent years.

“Matjila is not the PIC. The inquiry will go ahead as planned.

“However, he will be called to testify, should the need arise,” said Gungubele.

President Cyril Ramaphosa last month published the terms of reference for a judicial inquiry that will look at the allegations of corruption at the institution dating as far back as 2015.


Before his resignation, Matjila was the subject of an internal investigation involving the funding a business owned by a woman said to be his girlfriend. He was later cleared of any wrongdoing.

PIC Chief Financial Officer Matshepo More has been appointed as interim head of the institution, which manages investments worth R2-trillion on behalf of the Government Employees Pension Fund and other government funds.

Gungubele, who is also deputy finance minister, said finding a replacement for Matjila was “viewed as urgent by the board”.

“When a man of his stature resigns, it creates a lot doubt … we have to move fast to create a stable climate,” said Gungubele.

Former finance minister Nhlanhla Nene announced the inquiry aimed at fixing governance issues in July 2018. 

According to Lumkile Mondi, senior lecturer at the School of Economics and Business Sciences at the University of the Witwatersrand, Matjila’s resignation was a step towards “restoring public trust” in the institution.

“Restoring the credibility of the institution must now take centre stage…Tthe PIC cannot afford to suffer any more reputational damage,” said Mondi.

The terms of reference for the commission into the PIC, to be headed by former Supreme Court of Appeal president Judge Lex Mpati, include examining “alleged impropriety regarding investment decisions by the PIC in media reports in 2017 and 2018”. — Fin 24

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories

Advertising

Subscribers only

Q&A Sessions: Marcia Mayaba —Driven to open doors for women

Marcia Mayaba has been in the motor industry for 24 years, donning hats that include receptionist, driver, fuel attendant, dealer principal and now chief...

The war on women in video game culture

Women and girls make up almost half of the gaming community but are hardly represented and face abuse in the industry

More top stories

In emotive missive, Zuma says he will not provide answering...

Former president Jacob Zuma on Wednesday submitted a 21-page letter to Chief Justice Mogoeng Mogoeng out of “respect”, to let the head of the...

Gordhan writes to JSC to clarify ‘incidental’ mention of Pillay...

Public enterprises minister denies that he tried to influence the appointment of a judge and friend to the SCA in 2016

The battle for 2050 energy dominance: Nuclear industry makes its...

Nuclear sector says it should be poised to take up more than 50% of the 24GW left vacant by coal

#SayHerName: The faces of South Africa’s femicide epidemic

This is an ode to the women whose names made it into news outlets from 2018 to 2020. It’s also a tribute to the faceless, nameless women whose stories remain untold.
Advertising

press releases

Loading latest Press Releases…