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PIC report slams ex-boss Matjila over dodgy Survé deals

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PIC report slams ex-boss Matjila over dodgy Survé deals

Report flags Ayo, Independent Media, among other questionable ventures. Now Cyril vows ‘civil actions’

Genevieve Quintal and Ahmed Areff

The commission of inquiry into the Public Investment Corporation (PIC) has made scathing findings against former CEO Dan Matjila, questioning the decisions he made during his time at the helm of Africa’s biggest asset manager. 

It found that Matjila, who left the PIC, which is the biggest investor on the JSE, in November 2018, had overseen deals with individuals and their entities “even where no value has been proven from the first deals”, and breached his fiduciary duties when approving investments into insolvent companies.

It recommended he be investigated for not meeting the legislative requirements of “honesty and integrity” that his role at the state-owner manager required. ..

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