PIC boss Dan Matjila survives grilling, but battle is not over

PIC CEO Dan Matjila (Photo: PIC)
PIC CEO Dan Matjila (Photo: PIC)

Cape Town – Public Investment Corporation (PIC) chief executive Dan Matjila has survived a board meeting, after reports alleged there could be a plan to remove him over various allegations published in Gupta-linked media.

While the board accepted his submission, it tasked its audit division to review his answers, meaning the battle is not over.

The PIC oversees R1.9trn, much of which is made up of South African government employees’ pension money. It is a major funder of state-owned enterprises, such as Eskom, which is under the spotlight over state capture allegations.

Several media reports speculated that there was a move – linked to the Guptas – to remove Matjila using Gupta-linked media allegations as a basis. The rumour was that Brian Molefe would then become chief executive.

However, the board refuted this allegation. “The board wishes to reiterate that it rejects these allegations with the contempt they deserve,” it said in a statement on Friday.

The board said that following a meeting where Matjila provided detailed documentary evidence to dispel allegations against him, it mandated the internal audit division to independently review his representations.

“Following the meeting, the board expressed its confidence in the ability and integrity of the CEO, Dr Daniel Matjila, management and staff of the PIC,” it said.

“The CEO made representations to the board responding to allegations levelled against him through the media,” it said.

“The CEO provided detailed documentary evidence of the decisions made by the PIC and that the process followed was in accordance with all policies, procedures and delegation of authority of the PIC.”

“Following the deliberation by the board on the allegations and representations, the board accepted the representations of the CEO,” it said.

“The board wishes to state that it will continue to exercise its fiduciary duties without fear or favour, including accountability to all stakeholders,” it said.

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