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PIC Inquiry hears of R21m paid to manufacture one bus

Even though former CEO Dan Matjila was cleared, issues have once again been raised about what the R21 million was used for as only one bus was manufactured.

FILE: Former Public Investment Corporation (PIC) CEO Dan Matjila. Picture: Public Investment Corporation.

JOHANNESBURG - Two Public Investment Corporation (PIC) employees say money loaned to a company has neither been repaid nor used for its intended purpose.

But even though former CEO Dan Matjila was cleared, issues have once again been raised about what the R21 million was used for.

Head of impact investment Roy Rajdhar has told the PIC Inquiry that R21 million invested in MST was supposed to be used to manufacture buses, however, only one bus was produced.

Rajdhar and fellow witness Constance Madzikanda have also told the commission that the loan hasn't been serviced and it’s been difficult to get any information from the company.

A third witness has raised a separate concern by revealing that two mysterious clauses were included in the VBS Mutual Bank loan agreement but only after it was approved.