Dan Matjila named as key player in dodgy R1.8bn PIC loan deal

24 February 2019 - 00:00 By MPUMZI ZUZILE
Former PIC boss Dan Matjila.
Former PIC boss Dan Matjila.

Former PIC boss Dan Matjila has been named as a central player in a questionable R1.8bn loan by the asset manager to a consortium seeking to buy a stake in oil giant Total SA.

The consortium, Kilimanjaro Capital, claims Matjila forced it to partner with another company, Sakhumnotho Group Holdings — and to pay it R50m.

The deal is to be probed by the Mpati judicial commission of inquiry looking into allegations of impropriety at the PIC.

The PIC is a state-owned entity that manages more than R2-trillion in assets and invests the monies of the Government Employees Pension Fund and the Unemployment Insurance Fund.

The PIC has been embroiled in controversies that include allegations of corruption against four of its directors, among them deputy finance minister and chair Mondli Gungubele.

It has also faced criticism for paying R4.3bn for a 29% stake in the Iqbal Survé-linked company AYO Technologies at R43 a share when its real value at the time of listing was hovering around 15c a share.

Read the full story in the Sunday Times.