#PICInquiry: Matjila lays bare political machinations and interference at PIC

South Africa - Pretoria - 08 July 2019 - Former PIC CEO Dan Matjila testifies at the PIC Commission of Enquity. Picture: Oupa Mokoena/African News Agency (ANA)

Former Public Investment Corporation (PIC) chief executive Dan Matjila yesterday laid bare the machinations that governed the asset manager’s funding programmes in the last few years of his reign, telling Judge Lex Mpati’s Commission of Inquiry how the politically connected tried to strong-arm the corporation for funding.

Matjila explained how former South African Airways (SAA) board chairperson Dudu Myeni tried to force the PIC to finance the struggling airline, and how the National Empowerment Fund (NEF) used its proximity to power to secure funding. He said Myeni wanted the PIC to invest a R6billion in the national carrier in 2017.

Matjila said although the task of procuring funding for state-owned entities (SOEs) was normally handled at executive level, Myeni, a non-executive director, tried to force the PIC to fund the ailing airline.

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