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Dan Matjila won't escape PIC inquiry, says Sikonathi Mantshantsha

19 October 2018 8:05 AM
Tags:
Economy
Finance
Sikonathi Mantshantsha
PIC CEO Dan Matjila
Steinhoff scandal
PIC inquiry
VEB

Matjila has previously been accused of channelling PIC funds meant for corporate social investment to help his alleged girlfriend.

There's no way Public Investment Corporation (PIC) boss Dan Matjila can escape the upcoming commision of inquiry, says Financial Mail's Sikonathi Mantshantsha.

Mantshantsha says the terms of reference for PIC inquiry will look at if any directors or employees of the PIC enriched themselves between 2015 to 2018.

Read more: DA has welcomed the appointment of the commission of inquiry into the PIC

Matjila has previously been accused of channelling PIC funds meant for corporate social investment to finance his girlfriend's personal project.

A separate probe by advocate Geoff Budlender found that Matjila was not corrupt with regards to a rumoured romantic relationship.

Read: Holomisa vows to 'nail down' PIC looters amid reports Matjila wants a payout

President Cyril Ramaphosa has set up a commission of inquiry into the PIC.

It will be headed by Justice Lex Mpati‚ the former president of the Supreme Court of Appeal‚ assisted by Gill Marcus and Emmanuel Lediga.

It does not rain, but it pours for the PIC and Dan Matjila in particular.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Budlender found that Matjila was introduced to that lady by (then intelligence minister) David Mahlobo - you know, he of the rhinos and the massages.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Steinhoff

In other news, the Dutch Investors’ Association (VEB) has agreed to suspend its class action against embattled retailer Steinhoff this week.

VEB planned to claim €10 billion of assets from the directors of Steinhoff but took a decision to suspend the action until April 2019.

Mantshantsha says VEB has "gone soft".

They've gone soft and said they'll suspend this until 2019 because they don't want to cause a crisis or crush the company.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Steinhoff’s acting CEO Danie van der Merwe says this is great and give the company a break so that it can stabilise.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Listen to the Finance Week That Was on Breakfast with Kieno Kammies:


This article first appeared on CapeTalk : Dan Matjila won't escape PIC inquiry, says Sikonathi Mantshantsha




19 October 2018 8:05 AM
Tags:
Economy
Finance
Sikonathi Mantshantsha
PIC CEO Dan Matjila
Steinhoff scandal
PIC inquiry
VEB

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