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Here are the Officials Implicated in the PIC Inquiry So Far

Dr Dan Matjila Chief Investment Officer for the Public Investment Corporation (PIC). Pretoria. Picture: JAMES OATWAY 2013/07/10. Picture: JAMES OATWAY Sunday Times.

Several Public Investment Corporation executives are among the individuals implicated at the inquiry into the country’s state-owned asset manager.

Headed by retired Supreme Court of Appeal judge Lex Mpati, the commission began on January 21 after allegations of deal-making involving political connections, as well as allegations against the PIC’s former head Dan Matjila.

Here are some of the implicated people at the PIC inquiry:

Dan Matjila

Allegations against the former PIC head surfaced in a series of e-mails from a fictitious whistle-blowing email account.

According to Business Day, the emails alleged that Matjila was involved in a romantic relationship with Pretty Louw and that Matjila had inappropriately arranged a loan for Louw from the PIC’s corporate social investment programme.

The former chair has also been accused of asking a business owner, who received PIC funding, to also extend a loan to Louw.

Ayo Technology and PIC officials

The PIC invested R4.3bn in Iqbal Surve’s Ayo Technology Solutions when the company listed on the JSE, for a 29% stake.

According to PIC’s head of listed investments Fidelis Madavo, the investment committee that reviewed Ayo Technology’s transactions was chaired by Matjila.   

At the inquiry, evidence leader advocate Jannie Lubbe announced that Madavo was suspended with immediate effect over the PIC’s transaction with Ayo Technology. Assistant asset manager Victor Seanie was also suspended.

Mondli Gungubele

Deputy finance minister Gungubele has also been implicated in the anonymous emails by whistleblower “James Noko”.

According to Business Day, Gungubele, who is chair of the PIC, has been accused of protecting PIC board member Sibusisiwe Zulu. He is also accused of lobbying finance minister Tito Mboweni to appoint Zulu as the PIC deputy chair.

In a statement released on January 30, Gungubele said he is confident that he has done nothing wrong. The board decided that it will launch an investigation into the allegations.

Sibusisiwe Zulu 

The PIC board member has been accused by “James Noko” of benefiting and advancing the interests of an unnamed individual who received funding for several BEE deals that were funded by the PIC, according to Business Day.


Written by Mathew

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