Public Investment Corporation (PIC) CEO Dan Matjila did not have a romantic relationship with a woman named Pretty Louw, but he did intervene inappropriately on her behalf at the behest of then intelligence minister David Mahlobo. Advocate Geoff Budlender, who was asked by the PIC board to look into allegations around Matjila and Louw made by an anonymous whistle-blower, as well as the board’s conduct in dealing with the matter, has handed his final report to board chairperson Deputy Finance Minister Mondli Gungubele.

The PIC is a key institution, managing about R2-trillion in pension fund money on behalf of government employees. It has come under increasing pressure to be more transparent about its investment portfolio and decision-making processes. Budlender’s report says that “in the light of the denial and the absence of evidence that contradicts their denial, I find on the evidence before me that [Matjila and Louw] did not have a romantic relationship”. Budlender says tha...

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