As the Public Investment Corporation begins its drive for a new CFO, Matshepo More, who previously held the position, is seeking reinstatement saying the asset manager failed to follow procedure when terminating her employment.
The PIC, which manages R2.2-trillion in government pension and social funds on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and the Compensation Fund, is opposing the application. In papers submitted to the CCMA, More says she was unfairly dismissed by the PIC despite the outcome of the disciplinary hearing recommending a lesser sanction. Citing alleged bias by the chair of the hearing which affected the outcome, More says the PIC terminated her employment without providing reasons, therefore making dismissal inappropriate for the charges levelled against her.
“The PIC was inconsistent in dismissing me in circumstances where other employees of the PIC were found guilty and received sanctions lesser than dismissal.”More was fired in 2021, two-and-a-half years after she was suspended from the PIC for her involvement in irregularities related to the PIC’s R4.3bn investment in Ayo Technology Solutions. The deal formed part of the Mpati commission’s probe into impropriety at the PIC.
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