Carol Paton Editor at Large

As the anticorruption drive heats up in the public arena, if not the courts, it is becoming less likely by the day that Public Investment Corporation (PIC) CEO Dan Matjila will survive. In the space of 10 days the PIC has been named three times in connection with politically tainted scandal. Events are snowballing, and while Matjila has been positively wily in staying alive this long, the momentum will be hard to withstand in this environment. Most damaging is the VBS fallout. The former VBS CEO alleged that he was instructed by his chairman to withdraw R5m in cash and fly it by helicopter to Lanseria to pay off Matjila in return for new capital from the PIC for the bank. Other than his testimony there was no evidence that this had happened, but the investigator, advocate Terry Motau, recommended that it be probed. The PIC was strongly tied to VBS and was its second-largest shareholder. It had provided it with funding twice since 2002. Two top PIC executives who sat on the VBS board...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now