When asked whether this was ethical, Lebogang Molebatsi said, unless the arrangement was disclosed to other shareholders, “it would not be correct”.
Former chief executive Dan Matjila is alleged to have instructed the liquidation of stocks to settle the subscription of Ayo shares
Paul Magula was dismissed by the PIC in April 2018 for poor performance and failing to protect the PIC from risk and financial loss at VBS
The Public Investment Corporation (PIC) has distanced itself from any notion that it is working with Ayo Technology Solutions
The inquiry into the PIC has heard that the parastatal’s head contravened laws in his bid to expose a whistle-blower
A former Public Investment Corporation executive who was given over R7-million to leave the organisation says she wants her job back
According to the former IT head at the PIC, his work life started to take strain due to an unresolved conflict between him and More
The merger of the CEO and the chief investment officer roles at the PIC is a centralisation of power that exposes the PIC to huge risk
Simphiwe Mayisela was suspended from the PIC in November of 2017 and eventually dismissed on June 2018 following various charges of misconduct
The climate of fear and distrust in the corridors of the Public Investment Corporation has a long and chequered history
No one can shed light on who is behind damning emails and their far-reaching consequences
On Monday, Gungubele told the commission that there was a faction in the board which took Matjila’s side whenever it dealt with issues related to him
At least eight people have been implicated in breaching processes in the irregular R4.3-billion Ayo deal but only two people have been suspended
The PIC has confirmed that it received a compliance notice from the CIPC ordering it to recover the R4.3-billion made to Ayo Technology Solutions
The board of the PIC was asked to resign immediately or face being fired following allegations of corruption, the PIC inquiry heard on Tuesday
The PIC paid R43 per share for a 29% stake in Ayo, a company in which Independent media owner Iqbal Surve has an indirect stake
On Monday the PIC inquiry heard how the board could not reach consensus on how to deal with the allegations against former CEO Dan Matjila
Iqbal Survé’s business success has bought him the ultimate luxury: his own version of reality
The commission cannot release the identities of those whose lives have been threatened and the matter has been referred to the police
Unionists want greater transparency after revelations and allegations about impropriety
An official says he is not to blame for the Ayo deal which, he says, was irregularly approved by Matjila
Suspended assistant portfolio manager Victor Seanie appeared before the commission chaired by Justice Lex Mpati on Wednesday
The commission extended the public hearings by a day on Tuesday but would not be drawn into revealing who the mystery witness is
A former board member told the PIC inquiry that having a deputy finance minister as chair exposes the organisation to political interference
Former non-executive director Claudia Manning told the commission that the board had been divided since September 2017 when the Nogu emails emerged
Claudia Manning will be speaking for the first time since she stepped down from the PIC
Questions arose around the identity of the whistleblower ‘James Nogu’ and whether he worked alone or with an accomplice within the PIC
The inquiry heard how an investigator for the asset manager could not uncover the identity of a whistleblower by the name of ‘James Nogu’
The first week of PIC hearings was expected to be tame, but that was quickly overtaken by startling developments
The wholly state-owned asset manager controls about R2-trillion in funds, the majority of which is made up of government employee pension funds
Public Investment Corporation employees will be the first witnesses at the PIC commission of inquiry which begins in Pretoria this week
The departure of Dan Matjila will not hinder the commission of inquiry tasked with probing allegations of maladministration in the PIC