The PIC’s former chief risk officer Paul Magula and the head of legal Ernest Nesane both admitted to turning a blind eye when almost R2-billion was looted from the bank in exchange for bribes as shown in Advocate Terry Motau’s report on the heist.
Two former Public Investment Corporation officials have been debarred from the financial services sector after they were found to be unfit and improper in terms of the standards of the Financial Advisory and Intermediary Services Act.
Magula and Nesane both admitted to turning a blind eye when almost R2-billion was looted from the bank in exchange for bribes as shown in Advocate Terry Motau’s report on the heist. Mabaso said when considering a debarment, the FCSA looks at the allegations against the individual and whether “the person still meets the fit and proper requirements of honesty and integrity and if there is sufficient evidence that the person no longer meets the requirements that would result in a debarment”.
“We have to test that the person has indeed been rehabilitated before you accept them back into the financial system,” said Mabaso.
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