Former PIC CEO Dan Matjila. Picture: SUNDAY TIMES
Former PIC CEO Dan Matjila. Picture: SUNDAY TIMES

The Public Investment Corporation (PIC), Africa’s largest fund manager, was reported to be considering financial services executive Kennedy Bungane to head the institution, according to people familiar with the matter.

Responsible for most government workers’ pension funds, the PIC is being probed over allegations of wrongdoing that are the subject of a judicial commission of inquiry and which have resulted in a host of senior departures, including that of CEO Dan Matjila.

The PIC, which manages more than R2-trillion ($143bn) in pension funds, plans to hire a new CEO to ensure better governance, said the people, who asked to remain anonymous because the plans are private.

However, later in the day, after Bloomberg reported on the planned appointment, the PIC issued a statement saying the reports about a “certain individual” being touted for the position are “speculative and baseless”.

“In terms of the PIC’s memorandum of incorporation (MOI), the appointment of the CEO is done by the finance minister after receiving recommendations from the PIC board. As part of the process, the position of the CEO will be advertised, interviews conducted and recommendations made to the minister to make appointment,” it said.

“As of today, no advertisement has gone out, calling for interested parties to apply for the position of the CEO.”

Bloomberg, Staff Writer