The sudden departure of two executives of the Public Investment Corp (PIC), casualties of the widening VBS Mutual Bank corruption scandal, has raised new concerns over the way in which the continent’s largest pension fund manager is being run. For PIC CEO Daniel Matjila, this could hardly have come at a worse time, as two political parties — the UDM and the DA — have called for his suspension and a forensic probe into how the institution is being managed. The PIC played a pivotal role at VBS: besides lending the bank R350m, it also holds a 25.26% stake in the institution. The money this represents all but vanished when the bank was placed under curatorship in March. Ernest Nesane, the executive legal head of the PIC, resigned with immediate effect last week after forensic investigator Terry Motau notified the PIC of "serious allegations of impropriety" against him. Nesane had been summoned to testify by Motau, who has been tasked with establishing why the bank collapsed. Back in Apr...

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 Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now