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...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.