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...

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