Matjila refutes claims of terror during his reign at PIC

Reading Time: 2 minutes

Former Public Investment Corporation (PIC) CEO, Dan Matjila, has refuted claims of a reign of terror when he was heading the PIC.

He says the term “terror” came from the media after it emerged that the police were investigating allegations of corruption by him relating to the channeling of funds to his alleged girlfriend, Pretty Louw.

Earlier, Matjila has confirmed that the PIC investment in Erin Energy was a poor decision.

The Public Investment Corporation invested 270 million US dollars in the company when it was raising funds through a secondary listing on the Johannesburg Stock Exchange.

Matjila denies employing his son

Matjila says the disturbing number of e-mails and allegations that were leaked to the media also accused him of employing his son at the PIC. He has denied this happened.

He says his son visited the head of the IT companies of Dr Iqbal Surve to see what development is about – and he is not employed by Dr Surve or any of his companies.

Matjila says there were many nonsensical allegations mailed to journalists and media about him which were not true. Matjila believes e-mails leaks and allegations against him came from people within the PIC.

Matjila says he also noted that the PIC Risk department was slowly becoming dominant by the Venda ethnic group.

“Finance applications have found themselves in the hands of the media and the source of these e-mails were so obviously an inside job. I was very concerned about the venerability of the PIC IT platform not only was there a clear risk to 2 trillion worth of PIC client assets if the PIC could be compromised in this manner . But there was a real likelihood that potential applicants for finance would be deterred from approaching the PIC for funding if the confidentiality of their applications could not be secured and which could affect the PIC business.”