The commission of inquiry into the Public Investment Corporation (PIC) has made scathing findings against former CEO Dan Matjila, questioning the decisions he made during his time at the helm of Africa’s biggest asset manager and the biggest investor on the JSE.

It found that Matjila, who left the PIC in November 2018, had overseen deals with individuals and their entities "even where no value has been proven from the first deals", and had breached his fiduciary duties when approving investments in insolvent companies.

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