Politicians and elites viewed PIC as a piggy bank: Matjila

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Politicians and elites viewed PIC as a piggy bank: Matjila

Ex-CEO says he was under 'a great deal of pressure' from influential people for their businesses to be funded by PIC

Warren Thompson

Former Public Investment Corporation (PIC) CEO Dan Matjila said on Tuesday that he was subjected to immense pressure to finance the business ventures of senior politicians and other influential people during his time at the helm of the state-owned asset manager.

“Throughout my time spent as CIO [chief investment officer] I experienced a great deal of pressure from senior politicians of most parties, very influential people in various fields and business people who, for no other reason than entitlement, felt that their business ventures and those of their associates deserve to be financed by the PIC,” he said.

Matjila was speaking during his second day of his testimony before the PIC inquiry...

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