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Manning: 'Board divisions on handling of corruption claims led to PIC exit'

Claudia Manning quit last July after she disagreed with the newly appointed chairperson on how the board handled an investigation into embattled CEO Dan Matjila.

Former Public Investment Corporation (PIC) board member Claudia Manning testifying at the commission of inquiry on 29 January 2019. Picture: EWN

JOHANNESBURG - Former Public Investment Corporation (PIC) board member Claudia Manning has revealed that she resigned because chairperson Mondli Gungubele believed the board had failed to properly deal with corruption allegations.

Manning quit last July after she disagreed with the newly appointed chairperson on how the board handled an investigation into embattled CEO Dan Matjila.

The PIC, which is wholly owned by government, is the largest investor on the continent and manages government pensions and other funds worth about R2 trillion.

Manning has explained how the board accepted an explanation from Matjila about the allegations against him.

Matjila had been accused of corruptly funding his girlfriend but he denied this.

Gungubele, who had been appointed early last year, believed that the board blindly relied on his version without interrogating it further.

Manning disagreed.

“We have no confidence in the board and, in fact, accused it of having acted improperly. In the circumstances, I decided that I could not remain on the board.”

Manning has also described how there were fierce divisions within the board when the allegations of corruption emerged.

(Edited by Shimoney Regter)