The board of the Public Investment Corporation (PIC) allowed its former CEO, Dan Matjila, to run investigations into leaked information that implicated him to target whistle-blowers, an inquiry heard on Monday. The PIC's former executive head of risk, Paul Magula, was testifying at the inquiry into the PIC’s governance, which is being led by retired judge Lex Mpati. The corporation has been embroiled in numerous controversies including allegations of corruption. Magula was dismissed from the PIC in 2018 due to unsatisfactory performance and serious allegations of negligence that stemmed from his time as a board member of VBS Mutual Bank. He had been appointed to oversee the PIC’s 26% minority stake in the bank that went into curatorship in March 2018 and is now being liquidated. According to the report compiled at the behest of the Reserve Bank into VBS’s failure, Magula “eventually confessed, after putting up strenuous denials, that he had received unlawful payments … in excess of ...

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