The board of the Public Investment Corporation (PIC) exonerated CEO Dan Matjila of corruption charges in September 2017, even though the evidence on which it based its decision was incomplete. Matjila was accused by a whistle-blower in 2017 of having channelled PIC funds to "a girlfriend". The board cleared him of all charges on the basis of his written representations and an internal audit report undertaken to verify his explanation. But the internal audit report, which was sent anonymously to Business Day this week, shows that in one important regard — the allegation that Matjila had asked a company that the PIC had recently funded to settle the debts of an alleged girlfriend — there was no conclusive finding. In his representation to the board, Matjila acknowledged that he contacted Lawrence Mulaudzi of Kefolile Health to assist the woman in question, Pretty Louw, who was the owner of a beauty salon. The PIC manages R2-trillion of government pension and other social funds. As the...
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