PIC report: Matjila was an unreliable witness

2020-03-13 05:03

A report into the PIC has described Dan Matjila, the former CEO of the the state-owned asset manager who was who central in investment decision making at the firm, as "unreliable witness" and evasive in parts of his testimony before the inquiry.

PIC says liquidation bid against Sekunjalo Ind. Media 'strictly commercial' after Magashule, others, question motives

2019-12-05 11:09

The state asset manager was criticised by ANC secretary-general Ace Magashule for its liquidation application against the company which holds a majority stake in the Independent Media group.

PIC wins court bid to have two former VBS directors declared delinquent

2019-08-26 12:31

The state asset manager has welcomed a high court decision to have two former executives implicated in the VBS Mutual Bank collapse declared delinquent.

Tosaco, the deal that could sink ex-PIC CEO Dan Matjila

2019-07-26 06:55

The state-run asset manager's R1.8bn loan to fund empowerment stakes in oil company Total was a good investment. So why does this deal keep coming back to bite former PIC boss Dan Matjila?

PIC looking to limit funding of multiple companies linked to same owner

2019-05-15 22:19

The ongoing judicial commission of inquiry into the PIC has heard evidence of the same people repeatedly receiving funding from the state-run asset manager.

Businessman denies ex-PIC boss forced merger in Tosaco deal

2019-05-13 17:50

Sakhumnotho chairperson Sipho Mseleku has rejected evidence that former PIC boss Dan Matjila imposed a partnership between the company and another entity in a Total SA empowerment transaction.

Pensioners subsidising deals that lack 'investment rationale', PIC inquiry hears

2019-03-11 15:59

Government pension fund holders are subsidising BEE deals conducted by the Public Investment Corporation without a strong investment rationale, according to evidence heard by the inquiry probing the affairs of asset manager.

PIC inquiry resumes with more ex-employees expected to give evidence

2019-03-11 06:29

The commission of inquiry into the PIC will resume on Monday, with board members and former employees expected to give evidence on the governance of the state-owned asset manager.

Corruption case against ex-PIC boss Dan Matjila still open, inquiry hears

2019-03-05 19:44

A corruption case against former Public Investment Corporation CEO Dan Matjila is still open, according to evidence heard by the judicial commission of inquiry into the state-run asset manager.

Focus on quantity rather than quality in PIC investments - former director

2019-03-04 15:27

According to the interim findings of a PIC governance review report, the asset manager was focused on the quantity of deals, with less attention paid to quality.


AYO headline earnings up 11% as interest from R3.6bn cash pile grows

2019-12-20 13:05

AYO Technology Solutions managed to grow its headline earnings per share 11% amid a legal tussle with the Public Investment Corporation.

Long road ahead for floundering PIC

2019-10-03 16:54

The Public Investment Corporation is working on boosting staff morale and restoring its image, but interim chair Reuel Khoza says "much more" must be done to rebuild it after two governance interventions and a year of intense public scrutiny.

PIC inquiry to resume on Tuesday after protests force halt

2019-07-29 12:01

The cancellation comes after President Cyril Ramaphosa granted the commission its second extension, allowing the inquiry to compile and submit its final report at the end of October instead of the end of July.

AS IT HAPPENED: Matjila wraps up first day of testimony at PIC inquiry

2019-07-08 09:54

The hearings were cut short to give the commissioners enough time to read through the affidavits and annexures of ex-PIC head Dan Matjila, which were submitted late.

UPDATE: Adjustments were made to AYO financial statements, but they're being audited - inquiry hears

2019-05-14 20:00

Accounting adjustments were made to reflect higher profits in AYO Technology Solutions' interim financial statements, the PIC commission of inquiry heard.

PIC inquiry hears of WhatsApp message to Gigaba warning about risks to 'the project'

2019-04-24 17:16

The judicial commission of inquiry into the PIC has heard that former finance minister Malusi Gigaba received a message in late 2017 warning him that removing Dan Matjila as PIC boss would be "catastrophic" and a setback to an unspecified "project".

I take responsibility, but it wasn't me, says ex-PIC exec linked to VBS saga

2019-03-11 15:36

A former PIC executive who was implicated in the financial saga of the collapsed VBS Mutual Bank has sought to clear his name.

'I own the PIC', ex-CEO Dan Matjila is said to have told employee

2019-03-06 16:30

The former head of the state asset manager's IT department also told the judicial commission of inquiry into the PIC that former PIC CEO Dan Matjila instructed her to hand over all admin passwords.

Matshepo More drove campaign of 'rampant unfairness', ex-IT head tells PIC inquiry

2019-03-05 17:30

The inquiry, headed by former president of the Supreme Court of Appeal, Justice Lex Mpati, is investigating allegations of impropriety and maladministration at state-run asset manager.

PIC inquiry resumes after AYO bombshell

2019-03-04 07:28

The judicial commission of inquiry into state-run asset manager the Public Investment Corporation resumes after hearing evidence from a number of board members, including chairperson Mondli Gungubele.

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