Carol Paton Editor at large

The Public Investment Corporation (PIC), Africa’s largest asset manager, will enter a new era after the sudden departure of CEO Dan Matjila, with changes to the executive structure and board on the agenda over the next six months. The PIC manages about R2-trillion on behalf of the Government Employees Pension Fund and other government funds. It is the largest single investor in the JSE and the biggest holder of government bonds. "The board resolved that in the interest of the PIC and the CEO, we accept his resignation with immediate effect," it said in a statement on Friday, the deadline he had given it to accept his terms for voluntarily leaving in 2019. The PIC has attracted controversy over the past two years over alleged improprieties regarding investments and the conduct of its office-bearers and employees. Among the most notable was the decision to place R4.3bn in the initial public offering of Iqbal Survé’s Ayo Technologies in December 2017, a price that was regarded by the m...

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