Behind Dr Dan’s PIC sweetheart deals
Sweet deals for the select few, with uncertain benefits for either the asset manager or even some consortium members. That was the PIC under Matjila, if evidence at the Mpati commission is anything to go by
The contrast in sophistication could not be more stark. On the one hand, government ministers enjoying the largesse of the Bosasa group in the form of frozen chickens, braai packs and booze, according to testimony at the Zondo commission of inquiry into state capture. On the other hand, evidence at the PIC commission of inquiry suggests a group of business people in good standing with former Public Investment Corp (PIC) CEO Dan Matjila was awarded multibillion-rand deals on terms so favourable they would give bankers nightmares.
The inquiry, chaired by retired judge Lex Mpati, has over the past months heard extensive testimony from executives at the state-owned asset manager about the apparent "sweetheart" deals between a select group of dealmakers and Matjila — and certain common features have emerged.