Gungubele: 'I wanted clarification from PIC board over Matjila backing'

Earlier this month, Gungubele resigned as chairman of the PIC board along with all the remaining board members.

A screengrab of Deputy Finance Minister Mondli Gungubele testifying at the commission of inquiry into governance at the Public Investment Corporation on 25 February 2019.

JOHANNESBURG - Deputy Finance Minister Mondli Gungubele has raised concerns about the Public Investment Corporation (PIC) board’s decision not to interrogate allegations against former CEO Dan Matjila.

Earlier this month, Gungubele resigned as chairperson of the PIC board along with all the remaining board members.

Finance Minister Tito Mboweni has asked them to continue with their duties until a new board has been appointed.

Gungubele has described his first few days as chairperson last year as "dramatic".

He says he wanted clarification from the board about why they had confidence in Matjila despite the allegations against him.

"My question was if he was advised to do the forensic investigation, how did you then reach a determination that you have got confidence in the CEO without having not got even the verification findings on the facts."

Gungubele says processes by the PIC were brazenly breached in the controversial R4.3 billion Ayo Technology Solutions deal, which was considered a high valuation placed on the stock at its listing.

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