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Dan Matjila’s lawyers refuse to comment on R2.5m VBS loan

Former CEO Dan Matjila’s term was marred by scandals and allegations of corruption at the PIC while the collapse of VBS bank was also under investigation.

Former Public Investment Corporation (PIC) CEO Dan Matjila appearing at the commission of inquiry into the PIC. Picture: Kayleen Morgan/EWN

PRETORIA - Lawyers for embattled former CEO of the Public Investment Corporation (PIC) Dan Matjila have declined to comment on the claims by United Democratic Movement (UDM) leader Bantu Holomisa concerning a loan from VBS Mutual Bank.

Matjila took the stand on Monday for the first time since the start of the commission, which is looking into alleged impropriety at the corporation. He was pivotal in the investigation into the PIC as he occupied the CEO position for almost four years.

Matjila’s term was marred by scandals and allegations of corruption at the pension fund manager while the collapse of VBS bank was also under investigation.

He spent most of his testimony shedding light on his role at the PIC over the years and the processes during his time.

But while he was on the stand, Holomisa tweeted that he received a tip-off from a whistleblower that a Nexus Forensic Services report detailed how Matjila received a loan of R2.5 million from VBS. His lawyers indicated that they wouldn't respond for now.

The Congress of South African Trade Unions (Cosatu) then responded to reports of Matjila blaming them for his resignation.

However, he insisted the PIC’s relationship with the unions was a healthy one.

But Cosatu’s Matthew Parks didn’t seem to agree.

“It was under his watch as CEO over many years that there was an avalanche of serious corruption, very dubious investments, and the loss of billions of rand of workers’ pension and short of money,” Parks said.

The hearings were set to continue on Tuesday.