Former Public Investment Corporation chief executive Dan Matjila yesterday laid bare the machinations that governed the asset manager's funding programmes in the last few years of his reign, telling Judge Lex Mpati’s Commission of Inquiry how the politically connected tried to strong-arm the corporation for funding.
“There was an overt expectation of funding, and I was aware that the PIC had been targeted in SAA’s rescue plan as potentially providing funding. I informed Ms Myeni that the PIC would first have to go through with the mandatory necessary investment investigations and processes, with which she seemed clearly unhappy.”
He said once former deputy finance minister and former PIC chairperson Sfiso Buthelezi joined the National Treasury in 2017, the NEF came back with the R3bn proposal. Matjila accused former executive head of risk Paul Magula of watering down the risk report to favour the approval of NEF’s application after the first one failed to meet the test. “There was a period of only three months between his initial and second reports, and in this period of time nothing had changed operationally at the NEF.”
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