In December, a report by a commission of inquiry that unveiled a web of long-standing governance and financial mismanagement issues at the Public Investment Corporation will be a year old.
Dan Matjila, the former PIC CEO, has approached the High Court in Pretoria to challenge the findings of the inquiry – chaired by retired supreme court judge Lex Mpati – that places him at the centre of questionable goings-on at the asset manager. The PIC manages R1.6-trillion in pension savings belonging to 1.7 million current and retired government employees on behalf of the Government Employees Pension Fund.
Matjila has taken umbrage at the inquiry finding that he was “dishonest” and didn’t have “integrity” when he supervised the PIC’s now soured R4.3-billion investment in AYO Technology Solutions ahead of its JSE listing in December 2017. The PIC bought a 29% stake in AYO, a technology firm linked to businessman Iqbal Survé. It bought AYO shares at R43 each in 2017, which have since fallen to R2.30 – meaning that R4-billion has evaporated from the value of the PIC’s investment on the JSE.
“Since the report was made public I, together with my family, have suffered great prejudice and public torment and harassment as a result of them [the report’s findings against him],” he said in his 359-page court papers.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
BUSINESS MAVERICK 168: Collapse of business confidence: When there’s no honour among thievesSouth Africa is suffering from a crisis of confidence, which is also a crisis of trust. Until confidence is restored, the country will not attract investment, grow the economy or create jobs.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »
BUSINESS MAVERICK 168: Partners, have that tricky, romantic chat about your financesIt’s hardly the most romantic thing to do on Valentine’s Day with your partner, but discussing your money situation as a couple could be the saving of your relationship. Think of it as bonding and building trust.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »
BUSINESS MAVERICK 168: Statistics show rhino poaching in South Africa plunged 33% in 2020Rhino poaching declined sharply in South Africa last year, according to the latest official data. In 2020, there were 394 known cases of rhino being killed for their horns, down 33% on the 594 that were killed in 2019. This is also well down from the peak of 1,215, a grim milestone reached in 2014. A surge in demand in newly affluent and fast-growing Asian economies such as Vietnam, where rhino horn is coveted for medicinal purposes as well as bling, is behind this dreadful state of affairs. Couple of months ago I came across a recommendation about DennisWilliam78 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation I never believed I would trade and possibly start earning until I meant this man, Tonyfred42 made returns of all my investments, thanks so much there's nothing more greatful than this🙏🙏🙏
La source: dailymaverick - 🏆 3. / 84 Lire la suite »