Testimony at the inquiry on Monday by current and former PIC executives described how two clauses in relation to the revolving credit facility appeared mysteriously in the loan document
Deputy governor of the Reserve Bank, Kuben Naidoo, ahead of giving evidence during the judicial commission of inquiry into the Public Investment Corporation on April 02 2019 in Pretoria, South Africa. Picture: GALLO IMAGES/PHILL MAKAGOE
A damning report by investigators appointed by the Reserve Bank released in October detailed looting at VBS bank of nearly R2bn, and identified the role of political players from the ANC and the EFF. The bank is now undergoing a liquidation process. As part of its shareholding, the PIC appointed its head of risk, Paul Magula, and its head of legal, Ernest Nesane, to the board of VBS Mutual Bank.
In relation to Magula, this included how he used two front companies to receive “gratuitous payments” of R7.6m “to buy his silence”. The report further described how Magula, after initially putting up strenuous denials, eventually confessed that he had received unlawful payments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How mystery changes to a R350m VBS loan cost the PIC millions
Read more »
How mystery changes to a R350m VBS loan cost the PIC millionsThree changes, which were not approved, were made at the 11th hour to the conditions attached to the R350-million loan facility by the Public Investment Corporation (PIC) to the now defunct VBS Mutual Bank, the commission of inquiry heard on Tuesday.
Read more »
PIC INQUIRY: Acting CEO Matshepo More suspended by PIC boardThe PIC board has suspended acting CEO Matshepo More, the asset manager confirmed on Tuesday after allegations that she was interfering with the PIC inquiry. They’re not the only allegations More faces.
Read more »
Survé set to testify at PIC inquiryDr Iqbal Survé, the chairperson of media group Independent Media and the head of Sekunjalo, is expected to give evidence before the judicial commission of inquiry into the PIC on Tuesday.
Read more »
LIVESTREAM: Iqbal Survé testifies at PIC inquiryThe PIC inquiry is looking into alleged impropriety, poor governance and kickbacks.
Read more »
PIC Acting CEO suspended over claims of tampering with inquiryThe Public Investment Corporation’s (PIC) acting CEO Matshepo More has been placed on precautionary suspension, following allegations that she was interfering in processes related to the commission of inquiry into the asset manager.
Read more »
PIC acting CEO suspendedThe PIC board says it wants to ensure the free participation of staff in the PIC inquiry process.
Read more »
Demand that PIC recoup money from Ayo declared unlawfulBut the state asset manager says it is committed ‘to recover the invested funds without any delay’
Read more »
PIC confirms acting CEO has been suspendedMatshepo More has been placed on precautionary suspension 'to ensure free participation of staff in the Commission of Inquiry process'.
Read more »
Acting CEO Matshepo More suspended, PIC confirmsThe PIC is accused of using disciplinary processes to intimidate and punish employees appearing at the inquiry into the state-owned asset manager
Read more »