PIC Did Well During My Tenure, Matjila Wraps Up Inquiry Testimony

PIC CEO Matjila
Former Public Investment Corporation (PIC) CEO Dan Matjila appearing at the commission of inquiry into the PIC. Picture: Kayleen Morgan/EWN

The Public Investment Corporation (PIC) inquiry will now hear evidence from other witnesses after former CEO Dr Dan Matjila’s unexpected four-week stretch on the stand.

Matjila wrapped up his testimony on Monday and addressed allegations of impropriety at the state-owned asset manager.

The former PIC head was a central figure to the commission after having served as CEO for four years and overseeing some questionable deals.

However, Matjila maintained that the R2 trillion government worker’s pension fund manager did exceptionally well during his tenure.

Throughout his testimony, he insisted that as the PIC’s CEO he did not always have complete control over the transactions at the corporation as there were other officials delegated to do so.

Matjila wrapped up his testimony by giving his view on what was described as the hostile environment at the PIC, a narrative that he said the media added to.

“The hostile environment had to be created, starting with a mere allegation about MST [Mobile Specialised Technologies] and that I allegedly gave a girlfriend R21 million… You can imagine what it does to me as a person and my family, I even lost my mother.”

He said he thought the controversial R4.3 billion Ayo Technology Solutions deal may have had also been used to push him out.

“Maybe this Ayo transaction unsettled a lot of people that believe they probably had better transactions,” he said.

The commission was expected to hear testimony from Jayendra Naidu, a central figure to the PIC’s Steinhoff deal as well as Sibusisiwe Zulu, a former board member named in whistleblowers emails.


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