Reuel Khoza has been elected the new Public Investment Corporation chairman. This is after cabinet decided the position will no longer be filled by a deputy finance minister.

Finance Minister Tito Mboweni earlier inducted the new interim board of the PIC.

The previous board resigned earlier this year following allegations of impropriety against some board members.

Sindi Mabaso-Koyana has been elected the new deputy chairperson.

Earlier, Finance Minister Tito Mboweni says the practice of having a deputy finance minister as the Chair of the PIC has been a bad one and it has now been dealt away with.

The Minister says there is nothing in law that says the Deputy Finance Minister should chair the PIC board of directors.

Controversial AYO Investment

Meanwhile, the PIC Commission of Inquiry heard on Thursday that the controversial AYO Investment has not performed due to some aspects of the deal not materialising as well as negative media reports.

Former PIC CEO Dr Dan Matjila has refuted allegations that he came back from leave to approve the AYO Technology deal. He says he went back to the office to attend meetings.

He also says the selling of the Anglo shares to fund the AYO deal is nothing unusual nor irregular.

Matjila says he was shocked that after he left the PIC, two officials were suspended following an Internal Audit draft report.

Matjila says the meeting that was supposed to ratify the decision to invest in AYO Technology – instead approved the transaction that was already concluded which was incorrect.

The AYO deal was signed by Matjila and Lebogang Molebatsi, who was the acting head of listed investments before this meeting.

Matjila says he did not rectify this, as he did not think it would be an issue. He will continue giving testimony when the commission of Inquiry resumes next week.