News Formal

PIC did not invest in Nene Jr’s business, Matjila says | Business | M&G

  • 📰 mailandguardian
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 92%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The Public Investment Corporation did not fund the business of Siyabonga Nene, the son of former finance minister Nhlanhla Nene, according to the state asset manager’s former chief executive, Dan Matjila.

, the son of former finance minister Nhlanhla Nene, according to the state asset manager’s former chief executive, Dan Matjila.

On Tuesday, he told the commission probing, among others, governance failures at the PIC that the PIC merely paid facilitation fees to Siyabonga Nene and Mizra for the deal as this was “common and standard practice to do in the investment industry”. Matjila testified that the PIC had paid facilitation fees to Mizra’s newly formed company, Zaid International Trade, which had registered a bank account in the United Arab Emirates.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Matjila grilled on merger between KiliCap and Sakhumnotho at PIC commissionDan Matjila faced tough questions regarding the role he allegedly played in ensuring Kilimanjaro Capital and Sakhumnotho Holdings formed a consortium to secure a 25% stake in Total SA.
Source: mailandguardian - 🏆 2. / 92 Read more »

The finance minister, his son and the Mozambican refinery | News | National | M&GRECAP: Siyabonga Nene asked the PIC to finance a huge investment in Mozambique. He didn’t get that for himself, but the state-owned fund manager appears to have bent over backwards to help his business partner.
Source: mailandguardian - 🏆 2. / 92 Read more »