PIC’s Dan Matjila survives another day - for now

Daniel Matjila, the chief executive of the Public Investment Corporation, on Friday survived a day-long board meeting specially called to consider his future as the head of the asset-management institution.

The outcome of the third special board meeting in as many weeks was a resounding affirmation by the board of his leadership of the institution. For now.

Those close to the process say Matjila’s tenure at the head of the PIC is far from guaranteed. The PIC, with assets of more than R1-trillion, manages the pensions of public servants.

The board was divided between those who wanted to bring new charges against Matjila and those who insisted on sticking to the agenda of the meeting, which was to consider an internal audit report into his alleged irregular conduct.

Matjila had survived two other board meetings. Those were called on September 15 and on Tuesday to deal with allegations that he contravened PIC rules. He is alleged to have funded a romantic partner’s business.

On September 15 the board said it had “full confidence in Matjila’s integrity and ability”, but also that it would ask the PIC’s internal auditors to verify evidence Matjila had provided in response to the charge of financial impropriety involving R26-million.

A final audit report, written by Lufuno Nemagovhani, the head of the internal auditors, cleared Matjila of any wrongdoing on Friday.

It noted that Matjila’s responses to the board “are accurate in all material respects and are backed by valid and sufficient supporting evidence”.

Afterwards the board said the accusations against Matjila were “baseless”. This cleared Matjila. But his struggle to stay put may just have begun.

The finding comes a week after Business Times published a story in which Matjila claimed he was being targeted by people who wanted to remove him so they could get access to the PIC's funds. He later said the report was inaccurate. However the newspaper stands by the story.

Read the full story in the Business Times