Matjila fights for his survival as PIC CEO
Faces allegation of funding ‘girlfriend’s’ business; Board of directors meets on Friday
Public Investment Corporation (PIC) CEO Dan Matjila is fighting for his future and must on Friday answer allegations made to the board of directors that he used funds reserved for corporate social investment to fund the business of a girlfriend. He is also facing allegations sent to the board in a letter from a staff member that he irregularly raised salaries of executives and that together with chief financial officer Matshepo More ran the organisation capriciously. Matjila strenuously denies the claims and in an interview on Thursday said that he would refute them at a special board meeting on Friday. However, if he is unsuccessful in persuading the board he could face a forensic inquiry. The PIC, which among other government funds manages the Government Employees Pension Fund, is the biggest investor in the economy with R1.7-trillion in assets. It constantly faces intense lobbying from private sector interests, often with strong political connections, to fund private business dea...
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