Claims that Public Investment Corporation (PIC) CEO Dan Matjila might have received a R5m bribe from VBS bank should be further investigated by the authorities, the report by the investigators into the bank’s collapse recommends. Advocate Terry Motau, the main author of the investigation commissioned by the Prudential Authority of the South African Reserve Bank published on Wednesday, says that he could not make any “definitive finding” whether the R5m was paid to Matjila.

“I certainly regard the matter as worthy of further investigation by authorities in due course,” says the report. The PIC, which invests R2-trillion in funds on behalf of government pension and other social funds, owns 26% of VBS, which was placed in curatorship in March. The PIC also had two senior executives on the board of VBS, both of whom admitted to receiving gratuitous payments of more than R7m to buy their silence on the looting of the bank...

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