The PIC continued to invest in Eco Bank despite saying they should not have invested in it to start with.
The PIC Commission of Inquiry heard on Tuesday, from the former Chief Financial Officer of Eco Bank Altu Sadie, that Eco Bank is beset with corporate governance scandals and a culture of victimisation for those that point out wrong doing.
Nedbank holds 21% shareholding at Eco Bank while GEPF holds 13% through PIC.
Former PIC CEO Dr Dan Matjila was on the Board of Eco Bank until he left the PIC. Eco Bank’s headquarters are in Lome, Togo, but is present in 37 African countries.
Sadie explains: “Daniel Matjila acknowledged in a court case against the previous CEO that he should have never invested in Eco Bank, but still invested two more times. It would also seems that the CEO tried to improve governance problems in Eco Bank…Dismissing staff that expose wrong doing.”