Former deputy finance minister Mondli Gungubele. Picture: ESA ALEXANDER
Former deputy finance minister Mondli Gungubele. Picture: ESA ALEXANDER

A lifestyle audit of five former directors of the Public Investment Corporation (PIC) has shown no evidence of any wrongdoing or criminal conduct and has not provided any substantiation of allegations contained in a series of anonymous e-mails.

These were the findings of a lifestyle audit undertaken by PwC forensic advisory services on five former directors of the PIC. This included former CEO Dan Matjila, suspended chief financial officer Matshepo More, former PIC chair and former deputy finance minister Mondli Gungubele, as well as former nonexecutive directors Sibusisiwe Zulu and Dudu Hlatshwayo.

The directors had been implicated in a series of e-mails sent from the pseudonym “James Nogu”. 

“There was no evidence of criminal conduct nor any substantiation of any of the allegations made in the James Nogu e-mails,” PIC commission evidence leader advocate Jannie Lubbe said on Tuesday.

He read the findings into the record before the commission.  

The five individuals were subjected to lifestyle audits, which entailed matching assets and their standard of living to income, to look for disparities. Certain electronic devices owned by the PIC were mirrored and the investigators undertook a search of the PIC database in connection to documents and correspondence involving the directors.

Due to the sensitive nature of the documents appraised by the investigators, only the findings of the report will be made public.

thompsonw@businesslive.co.za