Matshepo More told the Mpati commission she signed off on a “disbursement memo” on December 19 2017, signalling the availability of funds for the transaction. She said at the time the PIC’s main bank account had funds in excess of R5-billion.
The commision of inquiry into impropriety at the Public Investment Corporation heard on Tuesday how the asset manager’s former chief executive, Dan Matjila, did not inform suspended acting CEO, Matshepo More of the R4.3-billion transaction between the PIC and Ayo Technology Solutions
The controversial Ayo deal was concluded in 2017 when the PIC took a 29% stake in the ICT company at R43 a share. Ayo’s share price had fallen to R9 at the close of markets on Tuesday. She however denied that her signature on the document was for the approval of the transaction but that it was rather to “confirm the availability of funds”.More said she signed the memo when it was first presented to her because she believed that it had already been approved through a “round robin” resolution by the asset manager’s portfolio management committee .
Mpati wanted to know whether More took action when she realised that Matjila had known about the transaction and had not informed her about it. More responded saying that she had not confronted Matjila about the deal despite being the second most senior executive at the PIC.
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.
Suspended acting PIC CEO More blames Ayo deal on MatjilaShe gave details of the controversial R4.3 billion Ayo Technologies deal that's suspected to have been secured through the flouting of procedure.
Read more »
BUSINESS MAVERICK: Like the ANC, SA’s biggest pension fund manager had two centres of powerThe commission of inquiry into allegations of impropriety at the Public Investment Corporation is exploring how the money manager changed its executive structure to give the CEO and CFO more power to make investment decisions. Former PIC boss Dan Matjila occupied the role of both CEO and CIO, and Matshepo More held the CFO role. PIC staff called this the two centres of power.
Read more »
CEO resigns after prepping TymeBank for liftoffSandile Shabalala leaves for ‘personal reasons’ while former Nedbank executives arrive on board
Read more »
WATCH LIVE | State capture: former CEO of SAA Sizakele Mzimela testifiesThe Zondo commission of inquiry into state capture will hear the testimony of the former CEO of SAA, and the current acting CEO of SA Express Sizakele Mzimela on Wednesday.
Read more »
PPC announces new CEO after delaying results at the 11th hourThe release of the financial statements was delayed ‘to allow for the completion of the review by the company’s auditors’
Read more »