National Treasury announces independent inquiry into PIC

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Public Investment Corporation CEO Dan Matjila is one step closer to learning his fate, as Minister of Finance Nhlanhla Nene informed the board of the government-owned investment vehicle of an independent inquiry into the PIC’s "governance issues".

Treasury announced earlier this week that Nene had completed his review of evidence and allegations against the PIC and its CEO and that he would before the end of the week announce the decisive steps aimed at addressing the PIC’s governance issues and allegations against the PIC CEO.

Nene earlier said he would not cave in to pressure to preemptively suspend Matjila without a fair and due process after Matjila, in recent weeks, came under attack from United Democratic Movement leader Bantu Holomisa.

However, while Matjila has rejected allegations of impropriety and the Public Service Association defended him, the matter escalated to Treasury.

Treasury said in a statement on Wednesday that Nene had met with the PIC board of directors and informed them of "the next steps in dealing with the governance issues at the state-owned fund manager and the allegations against certain PIC executives".

The steps are:

  • The institution of an independent inquiry into the affairs of the PIC; and
  • The directive by the Minister to the board of the PIC to commission a proper forensic investigation into the allegations against certain PIC executives.

Further details on the independent inquiry, including the name of its head as well as its terms of reference, will be announced in due course, the statement read.

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