Matjila still in charge at the PIC, but subject to ‘internal review’

The board of the Public Investment Corporation (PIC) has expressed confidence in its CEO, Dr Dan Matjila, despite allegations against him.

In a statement on Friday evening, the board said that it still had “confidence in the ability and integrity of the CEO” as well as the management and staff of the PIC.

The board also dismissed the allegations that they had intended to dismiss Matjila.

“The CEO made representations to the board responding to allegations levelled against him through the media. The CEO provided detailed documentary evidence of the decisions made by the PIC and that the process followed was in accordance with all policies, procedures and delegation of authority of the PIC.

“Following the deliberation by the board on the allegations and representations, the board accepted the representations of the CEO.”

The board said their internal audit division at the PIC would independently review the representations made by the CEO.

Earlier, Matjila had described the allegations against him as “spurious”.

Business Day reported that, among allegations Matjila must address, he would be asked to give an explanation during the extraordinary board meeting about funds he had allegedly reserved for corporate social investment to fund the business of a girlfriend.

It also come to light that a staff member lodged a complaint alleging that Matjila had irregularly raised salaries of executives and that, together with chief financial officer Matshepo More, ran the organisation capriciously.