As the alleged wrongdoing at Bishops Diocesan College shows, equating wealth with virtue is a bad idea, writes Helena Wasserman.
Sprinkles early. Morning clouds. Mild.
The reputation of the PIC which recently faced an inquiry into its affairs, can still be repaired, interim chair Reuel Khoza tells Fin24.
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.
Technology firm warns of its “imminent demise” if the PIC’s R4.3-billion claim succeeds – but finds it hard to answer some allegations.
The PIC commission heard from its last witness, co-founder of Lancaster Group Jayendra Naidoo on Wednesday. Lancaster received a loan from the PIC to make an investment into Steinhoff.
The former head of the state-asset manager says the R4.3bn the PIC invested in AYO Technology Solutions has not been lost.
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 former CEO of the state-run asset manager says Independent Media was aiming to attract more government advertising after it was bought by Iqbal Survé's Sekunjalo.
In his eighth appearance before the PIC commissioner of inquiry, former CEO of the continent's largest asset manager Dan Matjila unpacked details of some of its failed investments.
The former CEO of state-run asset manager the Public Investment Corporation has denied receiving a R5m bribe in April 2017 for allegedly facilitating further funding for VBS Mutual Bank.
Former PIC CEO Dan Matjila said the asset manager was concerned with governance at Steinhoff, but no prudent investor would be able to pick up irregularities at the retail group.
The state asset manager was updating MPs about plans to recoup investments and loans.
Sekunjalo will oppose a R1bn lawsuit Gupta-owned Oakbay Investments has lodged against chairperson Iqbal Survé and ex-PIC head Dan Matjila.
The commission was led by Justice Lex Mpati and assisted by former Reserve Bank Governor Gill Marcus and veteran stock broker Emmanuel Lediga. They will prepare a final report for the president, to be submitted by October 31.
A lifestyle audit conducted by PwC into five former officials at state-owned asset manager the Public Investment Corporation - including its ex-CEO Dan Matjila and former board chair Mondli Gungubele - found no evidence of criminal conduct.
The commission of inquiry was set to hear further testimony from the PIC's former head, Dan Matjila, about investments in AYO Technology Solutions and related matters.
Dan Matjila was continuing to testify about the PIC's investments in companies linked to the Sekunjalo group.
Former CEO of the PIC, Dan Matjila, has responded to allegations of his "reign of terror" at the asset manager.
Former PIC CEO Dan Matjila told the commission of inquiry that he believes allegations against him of corruption do not come from a whistleblower.
Ex-PIC boss Dan Matjila has said the state asset manager's reputation was severely damaged due to the fallout surrounding the collapse of the VBS Mutual Bank.
Former PIC CEO Dan Matjila told the commission of inquiry that he did not find anything unethical about meeting with Cabinet ministers during his tenure.
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