Matjila to continue with his testimony at the PIC Commission

Dan Matjila
Reading Time: < 1 minute

The Commission of Inquiry into the Public Investment Corporation (PIC), which is expected to wrap up its findings in July, will on Monday continue to hear evidence from former PIC CEO Dan Matjila.

Last week Matjila answered questions regarding misuse of funds, intimidation, corruption and careless investment decisions at the PIC during his tenure.

He told Justice Lex Mpati that the PIC was being captured by outside forces and claimed that politicians and politically connected people interfered and compromised the PIC.

The former PIC CEO is expected to shed more light into the Ayo Technology Solutions investment transaction this week.

The PIC invested R4.3 billion into Ayo. PIC’s assistant portfolio manager Victor Seanie testified that Matjila was a close friend of Iqbal Survé, and hence, this influenced the fund manager’s decision to invest in Ayo.

He will also give more evidence on how failures in corporate governance at the corporation affected the PIC.