PRETORIA – Dr Dan Matjila on Monday defended the state-owned asset manager's investments in unlisted portfolios through its development fund Isibaya, telling the Public Investment Corporation commission of Inquiry that there was nothing in the law untoward about this.
Testifying at the PIC inquiry led by retired Judge Lex Mpati on Monday, former PIC chief executive Matjila said that Isibaya had a mandate to finance black economic empowerment transactions. He said that Isibaya portfolio was established in 1995 following the amendment of the PIC Act in 1992, allowing the commissioners to allocate 3.5% of GEPF assets under its management to socially responsible investments.
Matjila also said that the PIC's chairperson - who at all material times is the deputy minister of finance - was not a member of any board committee, including the investment committee, and thus had limited involvement in investment decisions of the PIC. While he was PIC chairperson, Nene was implicated in a deal in which his son Siyabonga Nene, and his business partner Amir Mirza wanted the PIC to fund their 50 percent stake in the S&S Refinery in Mozambique despite the PIC not undertaking funding of BEE transactions outside South Africa.
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