THE sudden resignation of South Africa’s most powerful investment official, Elias Masilela, as CEO of the Public Investment Corporation (PIC) has fuelled talk that a clash over several dubious investments was behind his unexpected departure.The state-owned PIC invests R1.6-trillion in assets on behalf of government pensioners, and owns about 11% of all stocks on the JSE, making it the most influential power broker on the local market.However, news of Mr Masilela’s abrupt departure on Friday, taking all his leave and stepping down from the end of this month, means this was no ordinary handover of responsibilities.Mr Masilela is understood to have come under increasing pressure from the PIC’s chief investment officer, Daniel Matjila, and others regarded as close to President Jacob Zuma to relinquish one of the most powerful financial jobs in South Africa.Rumours of tension between Mr Masilela and Mr Matjila escalated in recent months, with the focus centred largely on several of the P...
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