Ex-PIC CEO Matjila shares details of R1.7bn Tosaco deal
Dan Matjila told the PIC commission that Lawrence Mulaudzi’s Kilimanjaro Capital and Sipho Mseleku’s Sakhumnotho were the finalists to receive funding from the PIC to buy Tosaco shares.
Matjila gave testimony at the PIC commission of inquiry on affairs at the PIC during his time as CEO.
His term was marred by allegations of corruption, political favours and the flouting of processes.
Transactions to secure 91.8% of Tosaco, is the first deal Matjila explained at the inquiry on Thursday.
Matjila told the commission that Mulaudzi’s Kilimanjaro Capital and Sipho Mseleku’s Sakhumnotho were the finalists to receive funding from the PIC to buy Tosaco shares.
Matjila said that he had to call both businessmen separately to tell them that he could not give them a binding letter of support.
“That was the message; we’re not issuing a binding letter of expression to any and why couldn’t you choose between? It would have been hard - you choose one, you get accused of not choosing the other. So, that’s where the merging came from.”
Matjila’s story was contrary to what Mulaudzi told the commission in March.
He said Matjila forced them to merge their companies to secure the funding, otherwise, he would give it to someone else.
Matjila told the commission that after his meeting with Mulaudzi, Mseleku followed him and that’s when he introduced them to each other.
He said that after that meeting, they told him they had decided on their own to form a consortium.