PIC did not invest in Nene Jr’s business, Matjila says | Business | M&G

📆 7/16/2019 6:15 PM
📰 mailandguardian

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The Public Investment Corporation did not fund the business of Siyabonga Nene, the son of former finance minister Nhlanhla Nene, according to the state asset manager’s former chief executive, Dan Matjila.

, the son of former finance minister Nhlanhla Nene, according to the state asset manager’s former chief executive, Dan Matjila.

On Tuesday, he told the commission probing, among others, governance failures at the PIC that the PIC merely paid facilitation fees to Siyabonga Nene and Mizra for the deal as this was “common and standard practice to do in the investment industry”. Matjila testified that the PIC had paid facilitation fees to Mizra’s newly formed company, Zaid International Trade, which had registered a bank account in the United Arab Emirates.

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