The former CEO of the Public Investment Corporation (PIC) Dan Matjila has confirmed that the corporation’s decision to invest in Erin Energy was a bad one.

The PIC invested 270 million US dollars in the company when it was raising funds through a secondary listing on the Johannesburg Stock Exchange (JSE).

Erin Energy was primarily listed in the New York Stock exchange, with some of its operations in the oil exploration space in Nigeria.

In May, Ndivhuwo Tshikhudo, who is now a PIC’s fund Principal for Energy – told the PIC commission in inquiry in Pretoria that Stanlib had rejected the investment as it did not have confidence in the case that Erin had presented.