The Public Investment Corporation’s (PIC) former CEO, Dan Matjila has denied claims that he forced a merger between two companies that wanted to acquire shares in TOSACO, as part of TOTAL SA’s BEE deal.

Lawrence Malaudzi, a businessman from Kilimanjaro Capital or Kilicap, testified at the PIC Commission that he had been instructed by Matjila to partner with Sipho Mseleku, the chairperson of Sekhumnotho, when he asked for a binding letter of expression of interest from Matjila.

The former PIC boss told the Commission that he never forced them to merge.

Matjila claims Malaudzi followed him into a meeting where he casually introduced him to Mseleku. He says the two companies eventually merged which was good for the PIC.

He explained to Justice Lex Mpati what happened:

“It was a hard one. I couldn’t choose between the two of them at that time and the exploring the possibility of a merger would have been the best solution for me. And I don’t have to make a call because they eventually agreed to merge their entity which would have been better for the PIC to fund a broader based grouping than just one. They were there to be told I can’t issue a letter, a binding letter of expression of interest to any of them. All I’m saying is that I should have done is to bring them on the same day in the same room at the same time.”

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