Political formations interfered in botched Sagarmatha deal, says PIC company secretary

Former Public Investment Corporation CEO Dan Matjila allowed political parties and trade unions to interfere with the PIC’s investment decisions, the state-owned asset manager’s company secretary, Bongani Mathebula, told the commission of inquiry into the affairs of the PIC on Wednesday.

Mathebula, who was suspended from the PIC in 2018 but reinstated by the new board in March, said Matjila asked her to forward these parties’ e-mails to the PIC’s investment committee in order to influence its decision to approve the transaction. She said she had never been asked before to forward e-mails from third parties to the investment committee for consideration when the PIC was looking at possible investee companies.

PGC Group chief investment officer Ntombi Boikhutso said PGC always supported investment opportunities that would benefit workers and the public. She said the organisation saw it “fit” to give its input as it ordinarily does on many industry issues and investment opportunities.An anonymous source from Fedusa said the union would have written a recommendation for investing on Sagarmatha based on the promise by the company that it would create about 5,000 IT jobs after the listing.

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