The PIC’s former CEO fights probe findings

Daniel Matjila, the former chief executive officer at the centre of a damning report into Africa’s biggest fund manager, said he plans to clear his name by addressing its findings in a series of public disclosures.

The investigation into South Africa’s Public Investment Corporation (PIC), led by a retired judge, concluded there had been “substantial impropriety” at the state-owned fund manager and found that the board had acted as a “rubber stamp” for Matjila. President Cyril Ramaphosa, who ordered the probe in October 2018, said he would now hand the report to the National Prosecuting Authority for further investigation.

Matjila plans to detail what he sees as omissions and misunderstandings made by the commission. The PIC mainly manages the pension funds of South African government workers.

“The public has to get a balanced view of the sterling achievements of the team at the PIC, as well as fair appreciation of the operating environment being a state-owned enterprise,” Matjila said by phone.

While the PIC was long heralded for delivering market-beating returns, the investigation was one of a handful Ramaphosa instituted to probe alleged graft during his predecessor Jacob Zuma’s scandal-marred nine-year rule.

Matjila said that the PIC, which manages R2.13 trillion, was able resist “capture by those that sought to destroy our state-owned enterprises” for personal gain, while still ensuring South Africa’s policy to address inequities stemming from apartheid were met.

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