Daniel Matjila, CE of the Public Investment Corporation (PIC), may have survived a dramatic board meeting without sanction on Friday, but his future as head of Africa’s largest fund manager is still bleak. Three people close to the process say the aim of the board seemed to be to fire Matjila and chief finance officer Matshepo More and replace them with people more amenable to the government’s dictates. The board will consider the outcome of an internal investigation into his conduct at a special meeting on September29. Other key members of the board might be replaced with more amenable appointments, said the sources. The sources are close to the board but cannot be named as they are not authorised to speak on the matter.
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