Former Public Investment Corporation (PIC) Chief Executive Officer Dan Matjila has denied allegations that he had a loan facility from the now defunct VBS Mutual Bank.

Matjila was testifying at PIC Commission of Inquiry.

He has defended himself against the VBS loan allegation by United Democratic Movement leader Bantu Holomisa and said there were political influences within the PIC.

PIC Commission of Inquiry evidence leader Advocate Jannie Lubbe told the Commission about a letter he received from United Democratic Movement leader Bantu Holomisa. In it, Holomisa alleged that Matjila had received a R2.5 million loan from VBS Mutual Bank.

Matjila’s lawyer, Alex Roelofse said it was not the first time that such allegations have been made against his client.

Advocate Lubbe assured the Commission that the investigative team will look into the matter.

Matjila also responded to allegations of favouritism by witnesses who have come before the Commission.

“I tried to be (as) fair as possible and open to discussions.”  Matjila says that he was accused of blocking foreign direct investments into the country and because of this allegation there was tension between him and then Minister of Finance Pravin Gordhan.

He told the Commission that Malusi Gigaba attempted to reinstate the PIC’s Memorandum of Incorporation after he came into office as the Minister of Finance.

Matjila continues giving testimony on Wednesday.


 – Nothando Magudulela