PIC investment decisions were carefully analysed, inquiry told
PRETORIA - Former Public Investment Corporation (PIC) CEO Dr Dan Matjila on Thursday told the PIC inquiry that not a single person at the corporation could make an investment decision on their own.
During his fourth day testifying at the inquiry, Matjila detailed how political interference at the PIC was one of the greatest challenges.
He also relayed how his exit from the PIC was engineered by some internal members.
• Mixed reaction to Mboweni’s PIC board announcement
Matjila testified how he left the corporation in a good standing despite its challenges. He said while he was at the PIC, no person, especially not him, could approve deals on their own.
"All potential investments are carefully securitised and analysed in the PMC [portfolio management committee] process. And discussion and debate in the PMC before a decision is made to investment."
He conceded that there may have been some flaws in the risk management processes.
“But it doesn’t mean the whole of risk management collapsed. There are certain sections require to be looked at and interventions made. There are certain sections that we believe have done fairly well.”
Meanwhile, Finance Minister Tito Mboweni added a name to the PIC’s newly appointed interim board. The general secretary of the South African Democratic Teachers Union was appointed a non-executive member of the board.
WATCH: Dan Matjila continues marathon testimony at PIC Inquiry
(Edited by Thapelo Lekabe)