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.
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