PIC inquiry expected to hear details of alleged impropriety, dubious investments
JOHANNESBURG – The commission of inquiry into the Public Investment Corporation (PIC) is set to enter its second week with testimony from the executive head of property.
Vuyani Hako is expected to shed more light on reports of alleged impropriety and dubious investments.
The PIC, which is wholly owned by the government, is the largest investor on the continent and manages government pension and other funds worth about R2 trillion.
This week the PIC commission of inquiry is set to hear from Hako, Naledi Forensic Services, and former board member Dr. Claudia Manning.
Manning resigned last year allegedly over the handling of an investigation into embattled CEO Dan Matjila.
Last week two employees, Fidelis Madavo, who testified on day 2 and Victor Seanie, were suspended following an investigation into the controversial Ayo transaction.
The R4.3 billion investment into the company by the PIC was considered dubious due to the high valuation placed on the stock at its listing.
Madavo claims the investment was passed on to his team by Matjila and he didn’t sign off on the deal because he was out of the country.