Finance Minister Nhlanhla Nene is unfazed by a threat of court action from Bantu Holomisa’s United Democratic Movement (UDM), which wants to compel the suspension of PIC CEO Dan Matjila over allegations of corruption. While the UDM is insisting on an independent investigation of Matjila, the Public Investment Corporation’s deputy chairman, Xolani Mkhwanazi, says nothing new has come to light to justify the board reopening its examination of the allegations.

Nene told BusinessLIVE that he would not respond to the UDM’s demands. "That’s not how we operate. We don’t act on the basis of just letters, we act on the basis of evidence and the situation at hand." He was speaking on the sidelines of the launch of the Financial Sector Conduct Authority in Pretoria on Monday. On Tuesday UDM attorney Eric Mabuza said his clients were preparing to file papers in the High Court in Pretoria. "We are expecting to do it today or tomorrow." But Mabuza declined to comment on the UDM’s argument. ...

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