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PIC fires investment manager linked to R4.3bn Ayo deal

The asset manager said that Victor Seanie was found guilty of the disciplinary charges against him, which included breaching the PIC’s internal policies in investment decisions.

A screengrab of suspended PIC employee Victor Seanie testifying at the commission of inquiry.

JOHANNESBURG - The Public Investment Corporation (PIC) has fired its investment manager linked to a R4.3 billion deal with one of controversial businessman Iqbal Survé's companies.

Victor Seanie was suspended earlier this year, along with the head of listed investments, Fidelis Madavo.

Seanie testified at the commission into allegations of impropriety at the corporation.

In his testimony, Seanie told the PIC commission of inquiry that he was being used as a scapegoat for the controversial Ayo transaction when in fact it was the corporation's executives who signed off on the deal.

He blamed former CEO Dan Matjila who he said had a friendship with Survé, for pushing the deal through despite advice against it.

The asset manager said that Seanie was found guilty of the disciplinary charges against him, which included breaching the PIC’s internal policies in investment decisions.

While Madavo was suspended along with Seanie, it was unclear at this stage what his fate would be.