PIC CEO laughs off allegations of misusing funds
The Public Investment Corporation’s Dan Matjila says the accusations are ‘spurious’ and the chairperson confirms there are no plans to remove him
Public Investment Corporation (PIC) CEO Dan Matjila has rejected an allegation that he misused funds as "spurious" ahead of a board meeting on Friday that could decide his future at the helm of Africa’s biggest money manager. The Star newspaper reported on Thursday that Matjila has been told by PIC deputy chairperson, Xolani Mkhwanazi, to respond to an accusation that he used PIC funds to finance a personal project related to someone he is allegedly in a relationship with. Matjila cut short a trip to the US to attend Friday’s meeting, he said by phone. The PIC, which handles pension funds for South African state workers, has almost R1.9-trillion in assets. The accusation against Matjila originates from a website said to be connected to the Gupta family, who are friends with President Jacob Zuma and the subject of allegations that they have used the relationship to influence Cabinet appointments and state-contract awards. They want Matjila replaced with Brian Molefe, former CEO of Es...
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