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PIC said to call urgent meeting, inquiry extended

Jan 29 2019 17:15
Loni Prinsloo and Janice Kew, Bloomberg

Africa’s biggest fund manager, the Public Investment Corporation (PIC), has called an emergency board meeting after Johannesburg-based Business Day newspaper reported that a whistle blower had made fresh corruption allegations against a board member, a person familiar with the information said.

At the same time, a Commission of Inquiry into governance at the money manager that oversees the pensions of South African state workers, has extended this week’s hearings by a day into Wednesday after a suspended official agreed to testify, the person said, asking not to be identified as the witness’s identity has not been made public.

Investments by the PIC ranging from buying the debt of troubled state power utility Eskom Holdings to investing in Ayo Technology Solutions at a multiple of its asset value have been questioned.

Dan Matjila resigned as the fund manager’s chief executive officer late last year.

The PIC didn’t immediately respond to a request for comment while the Commission confirmed the extension but declined to identify the witness.

Victor Seanie, an assistant portfolio manager, is the witness, the person said.

Seanie was suspended last week along with Fidelis Madavo, the PIC’s head of listed investments. Madavo has already testified.

Business Day reported the emergency meeting earlier.

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