Sikonathi Mantshantsha Deputy editor: Financial Mail
Daniel Matjila. Picture: SOWETAN
Daniel Matjila. Picture: SOWETAN

Political support for Public Investment Corporation (PIC) CEO Daniel Matjila seems to be slipping, leaving behind a divided PIC board as the chairman has broken ranks and distanced himself from a board position to support Matjila.

Deputy Finance Minister Mondli Gungubele, who became chairman of the PIC in February, told the high court he would not oppose a court bid by the United Democratic Movement (UDM) to remove Matjila from his post.

This seems to further isolate Matjila from the government, with the finance minister having ordered the reopening of a probe into allegations of impropriety against him. The finance minister appoints the PIC board.

In court papers, Gungubele distances himself from decisions made by the board before he became a member.

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