#PICInquiry: Matjila sheds light on PIC's investment in Tosaco | IOL Business Report

Dr Dan Matjila, former CEO of the Public Investment Corporation , on Thursday, detailed how the transaction between the PIC and Independent energy company, Tosaco, unfolded, while he was the chief executive officer at the state-owned asset manager.

Matjila said he met Mulaudzi in May of that year, where the businessman informed him about an investment opportunity. Matjila said after the meeting he forwarded information on Tosaco to the head of impact, Roy Rajdhar, for review. However, Matjila highlighted that discrepancies were flagged, when it emerged that newly formed company Kilimanjaro Capital , which Mulaudzi was a director of, was pushed through the PIC investment processes so that it reached phase two of the Tosaco bidding process, despite not having an extensive trading history.

"The merger greatly increased the newly formed company's prospects of success in being awarded the tender and that is why Mulaudzi agreed to the merger," added Matjila.

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