WATCH: PIC Commission of Inquiry

PIC Inquiry livestream
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The Public Investment Corporation (PIC) Commission of Inquiry resumes on Tuesday.

On Monday PIC’s portfolio manager Sunil Varghese told the PIC Commission of Inquiry in Pretoria that the conduct of former CEO Dr Dan Matjila frustrated him.

In his submission to the commission, Varghase accused Matjila of signing-off the Ayo transaction before the final approval of the committee responsible.

Several PIC executives have been suspended for their involvement in the processes of the irregular R4.3 billion investment into Ayo Technology Solutions.

Varghese says the process to invest in Ayo and its subsequent conditional listing were rushed and didn’t give the team enough time to conduct due diligence.