The drama at the Public Investment Corporation (PIC) — the biggest investor on the JSE — took another twist on Thursday, when it was forced to deny speculation that CEO Dan Matjila was on his way out. Speculation about Matjila’s future has been mounting since news two weeks ago that Finance Minister Nhlanhla Nene had requested a report from the PIC board on allegations of corruption, which it probed and dismissed in September 2017. The controversy about the PIC’s funding of Ayo Technology in December 2017, in which it undertook a R4.3bn private placement at a high valuation, also prompted renewed scrutiny of Matjila, who with other executives approved the deal. The PIC has since said that it intended to review the Ayo transaction to ascertain whether all processes were followed. Bloomberg reported on Thursday that Matjila would "probably" be suspended while the board looked into these matters. Adding fuel to the fire was a note by PIC management circulated to staff on Thursday in wh...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.