Dan Matjila, former PIC CEO. Picture: FREDDY MAVUNDA
Dan Matjila, former PIC CEO. Picture: FREDDY MAVUNDA

Former Public Investment Corporation (PIC) CEO Dan Matjila has claimed a previous governance review into the state-owned asset manager was established with the express intention of targeting him.

“When I saw the terms of ... [that] inquiry, I knew it was directed towards me. This was more a personal vendetta than a governance review. If it was really a governance review it would involve executive directors driving this process,” Matjila told the PIC inquiry during his second day of testimony. 

The review was commissioned in 2015 to assess the organisation’s governance and operating model to see if it was the most “effective and efficient” model and, if not appropriate, to make recommendations to improve the company’s structure and capacity to deliver on its mandate.

Matjila testified on Tuesday that he was so irked by what he construed as blatant targeting that he raised it with both the chair and deputy chair of the PIC at the time.

Matjila told the two board members, “I saw it as a way of removing me from the PIC at the time, or diluting the responsibility I had.” This was in reference to restructuring being considered for the PIC, which would have seen it appointing CEOs for each business division — an option that is still being considered.

He also confirmed that his departure from the PIC was closer to a dismissal than a resignation, referring to a board meeting in which he was asked to go.

Correction: July 9 2019
A previous version of this story incorrectly reported that Matjila was testifying about the PIC inquiry that is currently sitting. He was, in fact, referring to a previous governance review of the PIC. 

thompsonw@businesslive.co.za