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Matjila: I don't know where 'rumours' of suspension are coming from

May 31 2018 16:20
Lameez Omarjee

Cape Town – PIC CEO Dan Matjila says he is unaware where rumours that he may be suspended are coming from.

Matjila spoke to media on the sidelines of a public hearing on amendments to the PIC Act of 2004, held by the Standing Committee of Finance.

Recently, there have been rumours that Matjila may face suspension, while questionable deals of the PIC are being probed, Bloomberg reported.

"I have no idea. I don't know where these rumours are coming from," Matjila said.  

The United Democratic Movement, in turn, has given Finance Minister Nhlanhla Nene an ultimatum to suspend Matjila pending the completion of investigation.

In September 2017, allegations emerged that Matjila channelled funds to his girlfriend. The PIC board cleared Matjila of any wrongdoing.

Committee member Thandi Tobias said the amendments would ensure transparency of investments by the PIC. The PIC manages the investments of the Government Employee Pension Fund (GEPF).

Among the investments under investigation is one for R4.3bn in IT company Ayo Technology Solutions.

Answering a question on the Ayo investment, Matjila said it was a great investment that, like any other, required time to yield returns.

During the hearing, he said the PIC was delivering value to clients. 

The PIC released a statement late on Thursday afternoon in which it dismissed the claims that Matjila’s suspension was imminent as “false and malicious”.

“The PIC would like to reiterate that Dr Matjila remains the CEO of the PIC and that the PIC management team continues to carry out the Corporation’s investment mandate and the important responsibility of managing the assets of its public sector clients,” the statement read.

The PIC said it viewed the “unsubstantiated” allegations as part of a campaign to “destabilise the PIC and cause harm to the institution’s reputation”.

* This article was updated to include a statement by the PIC

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gepf  |  pic  |  yunus carrim  |  dan matjila  |  public funds
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