PIC commission kicks off with employee testimony

schumi

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Public Investment Corporation (PIC) employees will be the first witnesses at the PIC commission of inquiry which begins in Pretoria this week.

The commission was appointed by President Cyril Ramaphosa in October 2018 to investigate issues of impropriety by PIC employees and directors particularly during the period between January 2015 and August 2018.

The scope of the commission’s investigations will not be limited to the January 2015 to August 2018 period specified in the gazette given that the commission completes its work on time.
More at : https://mg.co.za/article/2019-01-21-pic-commission-kicks-off-with-employee-testimony
 

schumi

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.We saw no impropriety — PIC executives

.The Public Investment Corporation inquiry kicked off with two executives saying they witnessed no legal breaches — or employees acting for their own personal

The commission of inquiry into the Public Investment Corporation (PIC) started in Pretoria on Monday with officials from the country’s largest asset manager outlining its responsibilities and regulatory framework — and two leading executives denying they had witnessed impropriety as alleged in 2017 and 2018.
More at : https://www.dailymaverick.co.za/article/2019-01-21-we-saw-no-impropriety-pic-executives/
 

schumi

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. PIC executive suspended ahead of testifying at inquiry


Pretoria – The Public Investment Corporation's (PIC) board has suspended a top executive who was testifying at the commission of inquiry set up by President Cyril Ramaphosa to probe allegations of impropriety, chaired by the Supreme Court of Appeal, Justice Lex Mpati.


Evidence leader Advocate Jannie Lubbe SC told the commission on Tuesday morning the PIC board has suspended the executive head responsible for Listed Investments Fidelis Madavo, on the eve of his appearance at the inquiry being held in
More at : https://www.iol.co.za/news/politics/pic-executive-suspended-ahead-of-testifying-at-inquiry-18905331
 

schumi

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PIC ‘parallel investigation’ slammed by inquiry evidence leader

The investigation, that led to the suspension of Fidelis Madavo, has been deemed ‘improper’ by Advocate Jannie Lubbe.

Evidence leader for the commission of inquiry into the Public Investment Corporation (PIC) Jannie Lubbe has been told that the executive head of listed investments at PIC, Fidelis Madavo, has been suspended with immediate effect on Tuesday, EWN has reported.

Madavo was expected to give testimony at the commission later today.
More at : https://citizen.co.za/news/south-africa/news-update/2068257/pic-parallel-investigation-slammed-by-inquiry-evidence-leader/
 

Gordon_R

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schumi

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PIC inquiry hears of hasty suspensions, resignations
PIC executive head of human resources Chris Pholwane testified he had to serve two suspensions this morning on short notice.

The Public Investment Corporation (PIC) executive head of human resources Chris Pholwane today told the inquiry probing allegations of impropriety that he was instructed by the board to suspend Fidelis Madavo, the executive responsible for Listed Investments.

“There was a discussion [in the board meeting which started on Monday evening] in reference with a suspension I needed to serve this morning, which I dealt with. I believe an outcome of a report from internal audit. The details, I was not privy to those details,” Pholwane told the inquiry chaired by former Supreme Court of Appeal Justice Lex Mpati.
More at : https://citizen.co.za/news/south-africa/state-capture/2068595/pic-inquiry-hears-of-hasty-suspensions-resignations/
 
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schumi

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‘Anonymous’ emails not so anonymous – PIC inquiry continues

The judicial commission of inquiry investigating impropriety at the Public Investment Corporation (PIC) resumed on Monday, with Frans Lekubo, director of forensic investigation firm Naledi Advisory Services, taking the stand.

Naledi had been hired back in 2017 by former PIC CEO Dan Matjila to investigate the identity of the elusive and illusive ‘James Nogu’ who had been sending emails to PIC employees claiming that Matjila had used his position to benefit his alleged girlfriend, Pretty Louw.
More at : https://www.moneyweb.co.za/news/south-africa/anonymous-emails-not-so-anonymous-pic-inquiry-continues/
 

Gordon_R

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Dunno if this is news, but the statement blew my mind:

On the stand in the afternoon was Albert van Driel from the Association for Monitoring and Advocacy of Government Pensions (AMAGP).

He raised queries on the dependability of the PIC’s investment model. “The PIC invested around about R90 billion in Eskom and that is while the credit rating was down to B2,” said Van Driel.
 

schumi

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PIC said to call urgent meeting, inquiry extended

Africa’s biggest fund manager, the Public Investment Corporation (PIC), has called an emergency board meeting after Johannesburg-based Business Day newspaper reported that a whistle blower had made fresh corruption allegations against a board member, a person familiar with the information said.
At the same time, a Commission of Inquiry into governance at the money manager that oversees the pensions of South African state workers, has extended this week’s hearings by a day into Wednesday after a suspended official agreed to testify, the person said, asking not to be identified as the witness’s identity has not been made public.
Investments by the PIC ranging from buying the debt of troubled state power utility Eskom Holdings to investing in Ayo Technology Solutions at a multiple of its asset value have been questioned.
Dan Matjila resigned as the fund manager’s chief executive officer late last year.
More at: https://www.fin24.com/Companies/pic-said-to-call-urgent-meeting-inquiry-extended-20190129
 

schumi

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PIC board fractured over ex-CEO corruption claims

The Public Investment Corporation (PIC) board was deeply divided over the handling of allegations of corruption against its former chief executive Dan Matjila, the Commission of Inquiry into the affairs of the corporation heard on Tuesday.
Claudia Manning, who resigned from the PIC in July 2018, also stated that leadership changes in the board of the asset manager, which handles the pensions of public sector employees, had brought instability, with three chairmen in a period of less than three years.
The board of the PIC is chaired by the deputy minister of finance and the changes were caused by changes in the portfolio, which has been affected by the Cabinet reshuffling.
Allegations of corruption against Matjila by emanated from a R21m loan to MST, a company linked to a woman said to be romantically involved with Matjila, prompting the United Democratic Movement (UDM) to seek an order to get the minister of finance to suspend Matjila and an independent probe into the MST payment.
More at: https://www.fin24.com/Companies/ICT/pic-board-fractured-over-ex-ceo-corruption-claims-20190129-2
 

schumi

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A’yo goin’ down, Dr Survé?

The commission of inquiry into affairs at the Public Investment Corporation (PIC) has driven a spike through the heart of the PIC’s controversial R4.3bn investment into Ayo Technology Solutions, the IT group in which Survé holds a large indirect stake.
The PIC’s head of internal audit, Lufuno Nemagovhani, only gave limited evidence last week because both he and the commission’s investigators are still probing the Ayo deal.
But what he did say underlined the accuracy of amaBhungane's previous reporting (here and here), confirming the Ayo deal involved “blatant flouting of governance and approval processes of the PIC”.

The PIC previously asserted that its portfolio management committee had met on December 20, 2017 and approved a proposal to take up 100% of a private offering of Ayo shares ahead of Ayo listing on the Johannesburg Stock Exchange.
Ayo listed the next day, December 21.
The decision to invest was controversial because the price paid by the PIC was R43 per share, whereas the value of the company by one measure (net asset value) was only 15 cents per share.
Nemagovhani’s testimony at the commission suggests that the PIC meeting was a stitch-up because the decision had already been made. He said that an "irrevocable agreement" committing the PIC to take up the entire private placement at a cost of R4.3bn was signed on December 14, 2017 and confirmed with the listing agent – all prior to the committee meeting that was supposed to make the investment decision.
Nemagovhani did not disclose who had signed the undertaking, but amaBhungane understands it was the then PIC chief executive, Dr Dan Matjila.
At the commission Nemagovhani did disclose that Matjila had already signed documentation to approve payment for the shares on December 19, though the cash was only transmitted after the meeting of December 20.
More at: https://www.fin24.com/Economy/ayo-goin-down-dr-surve-20190129
 

schumi

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Suspended PIC exec blames ex-CEO Dan Matjila for controversial Ayo transaction

JOHANNESBURG - Recently suspended PIC employee Victor Seanie has largely blamed the controversial Ayo transaction on former CEO Dan Matjila.
Seanie, an assistant portfolio manager, was encouraged to approach the PIC commission of inquiry after his suspension last week.
The PIC’s R4.3 billion investment in Ayo is just one of the transactions being scrutinised at the commission.
More at: https://ewn.co.za/2019/01/30/suspended-pic-exec-blames-ex-ceo-dan-matjila-for-controversial-ayo-transaction
 

ambroseg1

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Originally posted Jan 22, not even 2 pages yet. Is it because we are so used to corruption and these farce commissions, or because its the pension funds of government officials?
 

Vrotappel

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There are so many commissions, fraud everywhere, fantastical amounts but MSM only concerned in putting up the 'racist' headlines. Thus the majority is kept in the dark.
 

R13...

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There are so many commissions, fraud everywhere, fantastical amounts but MSM only concerned in putting up the 'racist' headlines. Thus the majority is kept in the dark.
The "racist" headlines are what 'MSM' are actually headlining. The story is there and being pushed by people discussing it, but looking at the main newspapers it is isn't front page news
 

garp

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Are there no honest people in the ANC?
Nope, it has become nothing more than a criminal cartel designed to extract as much cash as possible. People don't quite understand the scale or blatancy of this yet, perhaps they never will.
 
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