We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Finance Minister Nhlanhla Nene is opposing legal action to suspend Dan Matjila, the embattled CEO of the Public Investment Corporation (PIC), pitting him directly against his deputy, Mondli Gungubele. The urgent application, brought by the United Democratic Movement (UDM), is to get a court order to prevent the PIC’s board from making any decisions on the suspension and/or disciplinary action against Matjila, giving these powers to Nene. The party also wants Nene, who in his responding affidavit described the allegations against the CEO as "uncorroborated hearsay evidence", to suspend Matjila with immediate effect. Gungubele, who as deputy minister of finance chairs the PIC board, opted not to oppose the UDM’s application, saying in his affidavit that he "cannot confidently state" that the PIC’s board "acted properly" when it dealt with the Matjila matter. This view has also pitted Gungubele against the PIC board. In an affidavit on behalf of the board, nonexecutive director Dudu Hl...

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 articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now