Lukanyo Mnyanda Editor: Business Day

Embattled Public Investment Corporation (PIC) CEO Dan Matjila has launched a defence of his stewardship of Africa’s biggest asset manager, lashing out at "malicious and spurious" allegations against him. The PIC, which manages more than R2-trillion of mostly government workers’ retirement funds, has been mired in allegations of questionable dealings in some of its investments in the past two years, prompting President Cyril Ramaphosa to appoint a commission of inquiry headed by retired judge Lex Mpati. As head of the biggest investor on the JSE, Matjila is one of the most powerful executives in SA. In a 2,000-word letter issued on Thursday, the PIC boss said he welcomed the inquiry, which has been instructed to look at governance issues broadly and also specific transactions that have attracted controversy, but limited to events that took place in 2017 and 2018. Matjila said he rejected assertions that he had been reckless in letting the PIC invest about R70bn in unlisted companies,...

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