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PIC exec Fidelis Madavo suspended, inquiry told

Madavo was expected to give evidence at the commission on Tuesday.

A screengrab of executive head of listed investments Fidelis Madavo giving evidence at the PIC Inquiry on 22 January 2019.

JOHANNESBURG - Head of resources Fidelis Madavo has been suspended with immediate effect before giving testimony.

Madavo was suspended on Monday night following an internal audit and ongoing investigation by the Public Investment Corporation (PIC).

President Cyril Ramaphosa signed off on the inquiry last year after reports of alleged impropriety and dubious investments at the PIC.

It is day two of the PIC inquiry and one employee has already been suspended just before he was due to testify.

Madavo received his suspension letter last night.

WATCH: Inquiry into Public Investment Corporation resume

Evidence leader Jannie Lubbe kicked off proceedings on Tuesday by breaking this news, which he says he finds strange.

Madavo’s suspension is with regards to the Ayo transaction, a R4.3 billion payment to fund the technology company which has been flagged as controversial.

Meanwhile, Madavo has continued with his testimony today despite his suspension.

(Edited by Mihlali Ntsabo)