Former Public Investment Corporation CEO Dan Matjila has confirmed the PIC approved a proposal to exchange the debt and equity investment made in the Independent Media group in exchange for shares in Sagarmatha in December 2017, shortly before the ANC’s elective conference.  

Matjila’s testimony adds credence to claims by Ayo Technologies’ former chief investment officer, Siphiwe Nodwele, that the deals were being approved ahead of the ANC elective conference in Nasrec for fear that new leadership of the ANC could emerged and make leadership changes to the PIC.  ..

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