The case against Dan Matjila
In his second week of testimony, the former PIC CEO and chief investment officer will need to respond to allegations of impropriety around particular investment decisions
The long, meandering commission of inquiry into affairs at the Public Investment Corp (PIC) has reached its apex with the appearance of its erstwhile CEO and long-serving chief investment officer (CIO), Dan Matjila.
Matjila joined the PIC in 2003, a period of transition for the organisation previously known as the Public Debt Commissioners. At the invitation of its then CEO Brian Molefe, Matjila was tasked with implementing a risk framework for a company in the process of modernising, including by broadening its discretionary mandate to invest in equities and, later, private equity and property. He would soon be appointed its first CIO — a position he held until his resignation in November 2018. From December 2014, he held that post in tandem with that of CEO...