PIC’s Dan Matjila will hear his fate by the end of the week
Finance minister Nhlanhla Nene is planning to announce ‘decisive steps’ to deal with governance issues at the PIC as well as allegations of dodgy dealings against its CEO
Finance minister Nhlanhla Nene will make an announcement on the fate of Dan Matjila, embattled CEO of the Public Investment Corporation (PIC), before the end of the week. Nene said in a statement released on Monday that he would announce the "decisive steps" to be taken to address governance issues at the PIC, as well as allegations against Matjila, after he’s met with the PIC’s board of directors. "I believe that the measures I will announce this week will ultimately strengthen the PIC’s governance and restore public trust in this important public institution," Nene said. The PIC, which manages pension money on behalf of government employees and has nearly R2-trillion under management, has faced increased scrutiny over its governance and investment processes, notably the management of its investment in VBS Mutual Bank. The PIC owns 25.26% of VBS and had two shareholder representatives on its board. VBS was placed under curatorship in March and widespread looting by executives and b...
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