There are hundreds if not thousands of public servants who are facing disciplinary action - they did not benefit directly, writes Melanie Verwoerd.
Morning clouds. Mild.
AYO Technology Solutions managed to grow its headline earnings per share 11% amid a legal tussle with the Public Investment Corporation.
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.
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.
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.
Accounting adjustments were made to reflect higher profits in AYO Technology Solutions' interim financial statements, the PIC commission of inquiry heard.
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".
A former PIC executive who was implicated in the financial saga of the collapsed VBS Mutual Bank has sought to clear his name.
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.
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.
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.
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.
The state asset manager has welcomed a high court decision to have two former executives implicated in the VBS Mutual Bank collapse declared delinquent.
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?
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.
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.
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.
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.
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.
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.
Deputy Finance Minister and chair of the board of state-run asset manager the PIC Mondli Gungubele testified on Monday on how the allegations of corruption against former CEO Dan Matjila led to a strain among board members.
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