PIC To Investigate Allegations Against Acting CEO, Two Board Members

The PIC board did not disclose the nature of the corruption allegations.

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Inked Pixels. rand
Inked Pixels. rand

The board of South Africa’s state pension fund manager PIC announced on Wednesday that it will investigate allegations of corrupting against its acting chief executive and two of its board members.

The PIC is responsible for nearly R2-trillion in assets, with more than 98% belonging to government or its employees.

The news comes after PIC announced last week it has suspended two officials over technology deal irregularities. The employees were suspended following a probe into the role they may have played in the Ayo Technology Solution transaction. PIC suspended Executive Head of Listed Investments, Fidelis Madavo and the Assistant Portfolio Manager: Victor Seanie with immediate effect last week.

On Wednesday, PIC said in a statement  it would appoint a senior lawyer to help the board with the investigation.

The PIC board did not disclose the nature of the corruption allegations.

Matshepo More is the acting CEO of PIC after replacing Dan Matjila, who resigned  last November with immediate effect.

The company did not name the other two board members implicated by an e-mail from an anonymous whistle blower, James Noko.

In September, the M&G reported how Matjila had told senior ANC and government leaders of his intentions to ask the PIC his board to consider a golden handshake.

Numerous sources said Matjila had broached the subject with high-level leaders in the ANC and government, but had been urged by some in the party to see out two investigations.

There was a fear in the ANC that, if Matjila is forced out, he could reveal how senior ANC politicians benefited financially from the PIC, according to party insiders.

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