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#PICInquiry: Matjila tears into Paul Magula | IOL Business Report

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PICInquiry: Matjila tears into Paul Magula

Former Public Investment Corporation chief executive Dr Dan Matjila tore into the asset manager's former head of risk and compliance, Paul Magula yesterday, stopping short of naming Magula as the ringleader of a vicious smear campaign against him.

The behaviour of Magula after VBS Mutual Bank extended a loan to former president Jacob Zuma was “a very arrogant one”, according to Matjila. Zuma had sought the loan to pay for his non-security upgrades at Nkandla as ordered by former public protector Thuli Madonsela. “In my opinion he took advantage of her excellent work ethic to overload her with work that he should have done.”

“I had to come back from holiday for a meeting with the board of Magae Makhaya to get an explanation on the finances of the company, of which a comprehensive business plan was required to be provided by it, as well as a reconciliation of management fees paid to date. Neither the business plan nor the reconciliation were ever provided,” Matjila said.

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