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PIC report: Dan Matjila could be held personally liable for ‘malfeasance’

The report detailed how some senior officials flouted processes when making certain investment decisions.

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

JOHANNESBURG - A final report on the Public Investment Corporation (PIC) shows that former CEO Dr Dan Matjila could be held personally liable and have to pay for any fruitless and wasteful expenditure for certain deals under his watch.

President Cyril Ramaphosa released the scathing report on Thursday into allegations of impropriety at the PIC. The report detailed how some senior officials flouted processes when making certain investment decisions.

It said Matjila’s deliberate misleading, inaccurate disclosures, and material non-disclosures in his testimony to the commission of inquiry was most evident when approving the AYO Technology Solutions deal.

Matjila was linked to some questionable deals including the R4.3 billion AYO deal, which he had approved before essential information about it was interrogated.

The commission found that the deal demonstrated the malfeasance of the Sekunjalo Group of companies of Dr Iqbal Survé as well as the gross negligence of both the CEO and CFO at the time, Matjila and Matshepo More.

It said Matjila not only continued to try and defend these decisions but also made a concerted effort to justify his actions. The report said no proper valuation to back the investment was done and therefore the question remained as to whether the PIC acquired the shares at a reasonable value as the share price subsequently dipped by 87%.

The commission said the necessary steps needed to be taken to recover all monies with interest due, especially where personal or another surety was a precondition to the approval of the investment.

This potentially puts Matjila first in the firing line.