The first two weeks of the Mpati commission of inquiry into dealings at the Public Investment Corp (PIC) have revealed just how susceptible the state-owned asset manager has been to political interference and the whims of its erstwhile CEO, Daniel Matjila. The commission, chaired by retired supreme court judge Lex Mpati, has been tasked with investigating allegations of malfeasance involving specific investments, as well as reviewing the PIC’s organisational structure and practices. It also has the discretion to investigate any other issue that may arise in the course of its work. In a surprise twist before the second day of proceedings, the board announced it was immediately suspending PIC head of listed investments Fidelis Madavo and assistant portfolio manager Victor Seanie for "blatant flouting of governance and approval processes" relating to the Ayo Technology Solutions transaction. In one of its most controversial deals, the PIC agreed to take up the entire subscription of R4...

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